New Management visa applications by foreign entrepreneurs fell about 96% after the October tightening, dropping from roughly 1,700 per month to about 70 per month over five months. The government tightened rules amid cases of paper companies obtaining the visa. While the decline suggests some effect, the stricter criteria - raising capital from 5 million to 30 million yen, requiring at least one full-time employee, and proof of Japanese language ability - also threaten small restaurants, and some current holders have switched to other visas or exited. Wealthier applicants face more difficult cross-border fund transfers, complicating eligibility for Japan's visa system.