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FFB:JGK:MVH                                                        June 10, 2003


Deutsche Bank Trust Company Americas
as Depositary under the Deposit Agreement
referred to below
Sixty Wall Street
New York, New York 10005
U.S.A.


Ladies and Gentlemen:

     We refer to the Registration Statement on Form F-6 under the Securities Act
of 1933 (the  "Registration  Statement")  relating  to the  American  Depositary
Shares evidenced by American Depositary Receipts, each American Depositary Share
representing one ordinary share of Yamaha Corporation,  a corporation  organized
under the laws of Japan. Terms used herein and not defined herein shall have the
meanings assigned to them in the deposit  agreement  appearing as Exhibit (a) to
the Registration Statement (the "Deposit Agreement").

     In rendering  the opinions set forth  herein,  we have assumed that (i) the
Deposit Agreement will have been duly authorized,  executed and delivered by the
Company and the  Depositary  and will  constitute  a valid and  legally  binding
obligation of the Company  enforceable  against it in accordance with its terms,
(ii) the relevant  Deposited  Securities  will have been duly  deposited  with a
Custodian  under and in accordance  with all  applicable  laws and  regulations,
(iii) that the choice of New York law  contained  in the  Deposit  Agreement  is
legal and valid under the laws of Japan and (iv) that insofar as any  obligation
under the Deposit Agreement is to be performed in, or by a party organized under
the laws of,  any  jurisdiction  outside of the United  States of  America,  its
performance  will not be illegal or ineffective in any jurisdiction by virtue of
the law of that jurisdiction.

     Based upon and subject to the  foregoing,  we are of the  opinion  that the
American Depositary Shares covered by the Registration Statement, when evidenced
by Receipts that are duly executed and delivered by the Depositary and issued in
accordance with the terms of the Deposit  Agreement,  will be validly issued and
will  entitle the  registered  holders  thereof to the rights  specified  in the
Deposit Agreement and those Receipts.

     The  foregoing  opinion is limited to the federal laws of the United States
and the laws of the State of New York and we  express  no opinion as to the laws
of any other jurisdiction.

                   SOLICITORS AND REGISTERED FOREIGN LAWYERS
       A LIST OF WHITE & CASE PARTNERS IS AVAILABLE AT THE ABOVE ADDRESS

<PAGE>


WHITE & CASE
Deutsche Bank Trust Company Americas
June 10, 2003


     We  hereby  consent  to the  use of  this  opinion  as  Exhibit  (d) to the
Registration  Statement. In giving such consent, we do not admit thereby that we
are within the category of persons whose consent is required  under Section 7 of
the Securities Act of 1933, as amended.

                                  Very truly yours,

                                  /s/ WHITE & CASE
                                  ----------------------------------------------
                                  White & Case



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