On May 18, 2018, the Japanese legislature passed the Bill on the Multilateral Instrument (MLI). This means that Japan has completed the national process of ratifying the MLI. The next step is for Japan to deposit its instrument of ratification, acceptance or approval of the MLI. The MLI enters into force for Japan on the first day of the month following the expiration of three calendar months beginning on the date of deposit of the fifth instrument of ratification, acceptance or approval.