Update : Jun. 22, 2012
Japan Securities Depository Center, Inc. (JASDEC) is in charge of handling the settlement operations of the trading of TSE listed foreign securities. When a foreign securities is traded at TSE, the change of ownership is registered in the beneficiary owner's account kept at each JASDEC participant concerned, while the actual certificates remain in JASDEC's account (nominee account) kept at the designated CSD (Central Securities Depository) or overseas Custodian Bank located in the country where the issuing company is based.
Regarding Foreign Depositories and Custodian Bank, please refer to JASDEC website.