Funding
Features of JFM Bonds
JFM bonds are generally recognized as having high credit standing with the following features.

In addition to JGBs and local government bonds, interest received by foreign investors (non-residents, foreign corporations, etc.) on JFM’s domestic bonds in book-entry form as well as JFM’s international bonds (both of which include government-guaranteed bonds) shall be exempted from Japanese income tax, subject to certain procedural requirements.
Funding Plan for FY2022
1. JFM Bonds (Non-government Guaranteed)
Domestic and Overseas Offerings

Notes:
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Subject to change depending on lending status, market conditions and other factors.
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For Open Issuance, details of issuance such as tenor, issue size and issue market will be determined as necessary based on the lending status, market conditions and other factors.
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In addition to the above FY2021 figures, USD 0.9 billion was raised through long-term bank loans.
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Totals may not add up due to rounding.
Private Placements with Pension Funds for Local Government Officials

2. Government-guaranteed Domestic Bonds

Funding Activities

Notes:
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USD 1 = JPY 122.40 as of 31 March 2022.
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Totals may not add up due to rounding.