Foreign investors will soon be allowed to...

Foreign investors will soon be allowed to invest in Nippon Telegraph & Telephone Corp., Japan’s giant domestic telecommunications company, President Masashi Kojima said.

“Hopefully,” he said, “if all things will go well, a bill to abolish regulations (governing NTT’s business) will be submitted to the Diet (parliament) for approval in November.”

He added that all parties concerned, including the ruling Liberal Democratic Party and the ministries of finance and posts and telecommunications, are engaged in serious discussions on measures to allow foreign investors to acquire NTT stock.

Under existing law, foreign investors are barred from purchasing NTT shares. It also calls for the government to retain at least one-third of the company’s outstanding shares.

Kojima said the company has been raising funds on overseas money markets, mainly in Europe.