About JFM

Overview of JFM

Profile of JFM

Name Japan Finance Organization for Municipalities (JFM)
Establishment 1 August 2008 (Reorganized on 1 June 2009)
Governing Law Japan Finance Organization for Municipalities Law
(Act No.64 of 2007, as amended)
Address Shisei Kaikan, 1-3 Hibiya Koen, Chiyoda-ku, Tokyo
President and CEO SATO Fumitoshi
Capital USD 135.6 million
Number of Employees 90 (as of April 2023)
Outstanding Loans as of 31 March 2022 USD 192.4 billion
Outstanding Bonds and Bank Loans as of 31 March 2022 USD 167.5 billion
Credit Ratings*1 as of 31 March 2022 S&P: A+
Moody's: A1
R&I: AA+
BIS Risk Weight*2 10% for JFM bonds (non-guaranteed)
denominated in JPY

1. USD 1 = JPY 122.40 as of 31 March 2022.
2. The risk weight shown above is a value for investors in Japan. For overseas bonds, the value is determined by relevant regulatory authority in each country.


The Japan Finance Organization for Municipal Enterprises was established on 1 August 2008, with capital contributed by all prefectures, cities, special wards of Tokyo, government-designated cities, towns and villages, as well as some local government associations, to provide funds to local governments. JFM commenced its operations on 1 October 2008, succeeding to the assets and liabilities of Japan Finance Corporation for Municipal Enterprises (the “Predecessor”).

Organization Profile