You're being ridiculous, as you quite clearly understand that...

You're being ridiculous, as you quite clearly understand that ATL is a Chinese subsidiary of TDK (which is Japanese). You're speaking as if AGY signed a contract directly with TDK, which it hasn't. It did it through its Chinese battery arm (ATL).

If you want to be literal, yes, it is technically Japanese through ultimate ownership. However, I’ve never heard anyone refer to Arcadium Lithium as an Irish company, even though it would be by your literal interpretation. EPL team Manchester City, despite having a history dating back 130 years, are actually Emirati if we apply your ownership = nationality rationale.

If it helps you feel better, then go ahead and call it Japanese. But that won't change the reality that JZ will be negotiating terms with Chinese individuals, operating in Chinese territory, for export to China, subject to the same FEOC (foreign entity of concern) status as other Chinese companies, along with the associated geopolitical risks and downsides of doing business with Chinese firms right now (such as Inflation Reduction Act exclusion). ATL's status as "Japanese" is about as tenuous as AGY's claim to be a lithium producer. Technically you're correct, but not really.

Japanese ain't really Japanese.