TOKYO -- A proposal to let skilled foreigners qualify for permanent residency in Japan after staying as little as one year, down from the current five, may be enacted as early as March, the Ministry of Justice decided Tuesday.

Prime Minister Shinzo Abe's government seeks to attract the kind of foreign talent that can help reinvigorate the nation's economic growth. Work toward revising the rules regarding permanent residency is to begin after a public comment period starting Wednesday.

In principle, all foreigners living in Japan for at least 10 years can apply to become permanent residents. Such individuals accrue points based on factors such as academic background, career history and income. Those reaching at least 70 points can move onto the five-year fast track.

The ministry proposes cutting this period to three years, with a one-year fast track for individuals reaching a score of 80. Points also would be awarded based on new criteria, such as employment in technology or other growth industries, a career as a big-money investor, or graduation from a top university.

(Nikkei)