Home > About JFM > Overview of JFM
| A joint fund-raising organization for local governments | |
|---|---|
| Governing Law | Japan Finance Organization for Municipalities Law - Law No. 64 of 30 May,2007 |
| Establishment | 1 August, 2008(reorganized on 1 June,2009) - Originally founded as a government financial institution in 1957 |
| Objectives |
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| Capital | JPY16.6 billion(USD 177million)* - Contributed by all local governments in Japan |
| Outstanding amount of Loan Balance | JPY22.2 trillion(USD 267billion, as of 31 March, 2011)* |
| Ratings | AA| (S&P) Aa2 (Moody’s) AAA (R&I) - The ratings of JFM are identical to those of the Japanese Government |
| BIS Risk Weight | Non-government guaranteed Bonds: 10% (Comercial Banks: 20%) |
*JFM annual report
**This is applied for Yen denominated bonds in Japan. For overseas investors, the BIS risk weight of Yen denominated bonds should be checked with thier relevant regulatory authorities.
That of non-yen denominated bonds is 20%.
JFM was established on 1 August, 2008 with the whole capital contributed by all local governments (prefectures, cities, towns, villages, and special wards of Tokyo) as a joint fund-raising organization for local governments. JFM began operations on 1 October, 2008, succeeding to the assets and liabilities of Japan Finance Corporation for Municipal Enterprises (the former JFM)
