Finite Element Model Updating (FEMU) is an intuitive inverse technique enabling to efficiently characterize plastic material behavior. Although, conclusive proof of concept for this method can be found in literature, a thorough understanding of the key FEMU-ingredients and their impact on the identification of plastic anisotropy is currently missing. In this paper, we aim at minimizing the experimental work associated with yield locus identification of sheet metal via homogeneous biaxial tensile tests. To this end, a biaxial tension apparatus with link mechanism is used to generate a heterogeneous deformation field within a perforated cruciform specimen. The experimentally measured force and displacement field are used in the FEMU procedure to identify an anisotropic yield criterion. The FEMU approach is assessed by comparing the results with experimental data acquired from state-of-the-art stress-controlled biaxial tensile test in the first quadrant of stress-space.