• 
• 
• 

• 
• 
• 
• 

About JFM

• President and CEO’s Message
• Overview of JFM
• Management Philosophy
• Risk Management System
• Business Operations
• Executive Officers & Organizational Chart
• Access

Overview of JFM

Outline 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	・Provide long-term funding at low interest rates to local governments ・Support fund-raising of local governments in the capital markets
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% (For reference) Government Guaranteed Bonds : 0% ** Government Bonds : 0% Local Government Bonds : 0% (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%.

History

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)