Japan is moving to strengthen the qualifications and capital requirements for its business manager visa, which is intended to attract foreign entrepreneurs, Nikkei Asia reported Tuesday.

The proposed changes include raising the minimum capital requirement from 5 million yen to 30 million yen or $203,500, and introducing new criteria related to applicants' work experience and educational background, said the publication.

These measures aim to prevent abuse of the visa system and ensure that applicants are well-prepared to establish and operate businesses in Japan, added the news daily.

The Immigration Services Agency plans to seek public feedback on the revisions, with the goal of implementing the new rules by October, the report added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)