Drawing on neoliberal ideology as a theoretical lens, this study critically examines how neoliberal ideological assumptions shape the interpretation and implementation of TGUP (Top Global University Project) as an English-medium instruction (EMI) policy in the Japanese context at multiple levels of government, universities, and multilingual international students. We examined documents describing TGUP policies published both by the government and TGUP universities, and then contrasted these policies with interview data drawn from conversations with three key stakeholder groups (international students, EMI faculty, and administrative staff) in four focal universities. The findings reveal the conflicts of policy making at different levels and challenge the English-only ideology in EMI practices. By taking a critical language policy approach, the study offers a nuanced understanding of how neoliberal ideology constitutes a policy-to-practice gap in language policy and planning. We argue that EMI should not be reduced to English-only medium of instruction, but rather treated as an alternative approach to the internationalization and globalization of education, and understood as a learning space where multilingual students enhance their learning by relying on their shared language repertoires.