The Japan Fair Trade Commission (JFTC) and the Ministry of Economy, Trade and Industry (METI) are currently working together to draft the revised guideline for business collaboration and investment in startups. This time, they have started call for opinions for the "Draft Revised Guidelines for Business Partnership with Startups and Investment in Startups". The deadline is set on January 21, 2022.
Since open innovation has been accelerating in recent years, and alliances with and investments in startups have been increasing, I think this will be an important guideline.
One of the major features of the new revised guidelines is the addition of a section concerning investment in startups in Chapter 3, which, according to the Nikkei newspaper of December 23, 2021, aims to correct exploitation such as raising investment. The draft guidelines will include that "serious violations for which the right to demand (a share buyback) can be exercised are limited to false financial statements, misappropriation of funds and violations of laws and regulations."
For your information, in "the final report on the investigation of the actual situation regarding the transaction practices of start-ups", cases 48 (request for disadvantage against the background of the right to purchase), 49 and 50 (establishment of the right to purchase at a significantly high price), 51 (exercise of the right to purchase without satisfying the exercise conditions), 52 and 53 (right to purchase that can be requested to individuals), etc. were also mentioned.