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  "domain": "policy-finance",
  "title": "Japan local-government bond market issuance matrix (prefectures / 政令指定都市 / municipalities / special districts)",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan local-government bond market issuance matrix (prefectures / 政令指定都市 / municipalities / special districts)",
    "aliases": [
      "Japan local-government bond market issuance matrix",
      "Japan local bond issuance matrix",
      "Japan municipal bond issuer comparison",
      "prefecture vs designated-city vs municipality bond matrix",
      "Tokyo-to-sai vs Osaka-fusai vs Aichi-kensai matrix",
      "Japan 地方債 issuance matrix",
      "公募地方債 vs 銀行等引受 vs JFM vs FILP matrix",
      "Japan municipal bond yield-spread matrix"
    ],
    "domain": "policy-finance",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-30",
    "last_tended": "2026-07-30",
    "review_by": "2026-11-25",
    "confidence": "likely",
    "tags": [
      "policy-finance",
      "matrix",
      "local-government",
      "public-credit",
      "municipal-bonds",
      "japan",
      "jfm",
      "filp",
      "capital-markets",
      "yield-spreads"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.chihousai.or.jp/",
      "https://www.chihousai.or.jp/02/",
      "https://www.chihousai.or.jp/02/10.php",
      "https://www.mof.go.jp/filp/summary/filp_local/tihousaiseidonogaiyou.htm",
      "https://www.soumu.go.jp/iken/zaisei/chihousai.html",
      "https://www.soumu.go.jp/main_content/000760497.pdf",
      "https://www.jfm.go.jp/",
      "https://www.jfm.go.jp/about/outline.html",
      "https://www.zaimu.metro.tokyo.lg.jp/kosai/index.html",
      "https://www.pref.osaka.lg.jp/o110030/fissei/saimu/",
      "https://www.pref.aichi.jp/soshiki/zaisei/0000076929.html",
      "https://www.pref.kanagawa.jp/docs/tn3/cnt/f300054/",
      "https://www.city.yokohama.lg.jp/city-info/zaisei/saimu/",
      "https://www.city.osaka.lg.jp/zaisei/page/0000019527.html",
      "https://www.city.nagoya.jp/zaisei/category/167-2-3-13-0-0-0-0-0-0.html"
    ]
  },
  "summary": "Japan's local-government bond market is not one issuer class. It is layered across four issuer tiers — 47 prefectures (都道府県), 20 政令指定都市 (designated cities), roughly 1,700 ordinary cities / towns / villages (市町村), and special districts / public enterprise authorities — with very different issuance sc",
  "headings": [
    "Japan local-government bond market issuance matrix (prefectures / 政令指定都市 / municipalities / special districts)",
    "TL;DR",
    "Wiki route",
    "Why this matrix matters",
    "Issuer Tier 1 — Tokyo Metropolis (東京都 / 都債)",
    "Issuer Tier 2 — Major prefectures (大規模都道府県 — Osaka, Aichi, Kanagawa, Hokkaido, Saitama, Chiba, etc.)",
    "Issuer Tier 3 — Mid- and small-prefecture issuers",
    "Issuer Tier 4 — 政令指定都市 (designated cities — 20 cities)",
    "Issuer Tier 5 — Ordinary cities / towns / villages (一般市町村)",
    "Issuer Tier 6 — Special districts / public-enterprise authorities / JFM"
  ],
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