Shin won here in 2008 and 2010 while Webb took top honors in 2006.
The 54-hole Mizuno Classic is made up of 43 LPGA Tour players and 35 members of the LPGA of Japan.
Momoko Ueda was the last Japanese winner, taking the title in 2011 to follow up her win in 2007.
LPGA Tour rookie Ayako Uehara, two-year member Haru Nomura and Rolex Rankings No. 20 Mika Miyazato, who has posted four top-20 finishes at the Mizuno Classic in her five-year LPGA Tour career, will be among the favorites representing the host nation.
"This year I won the Japan Women's Open and that gave me confidence in my golf game," Miyazato said. "So hopefully, maybe a top-10 finish but maybe a win this week."