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  "domain": "policy-finance",
  "title": "Local government bond market (Japan policy-finance perspective)",
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  "frontmatter": {
    "title": "Local government bond market (Japan policy-finance perspective)",
    "aliases": [
      "Local government bond market",
      "Japanese municipal bond market",
      "地方債市場",
      "policy-finance/local-government-bond-market"
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    "domain": "policy-finance",
    "type": null,
    "created": "2026-05-24",
    "last_updated": "2026-05-24",
    "last_tended": "2026-05-24",
    "review_by": "2026-11-20",
    "confidence": "likely",
    "tags": [
      "policy-finance",
      "local-government",
      "public-credit",
      "capital-markets",
      "municipal-bonds",
      "japan"
    ],
    "status": "active",
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    "note": null,
    "sources": [
      "https://www.chihousai.or.jp/",
      "https://www.chihousai.or.jp/02/",
      "https://www.mof.go.jp/filp/summary/filp_local/tihousaiseidonogaiyou.htm",
      "https://www.jfm.go.jp/"
    ]
  },
  "summary": "The Japanese local government bond market is the capital-market interface for prefecture and municipality finance. It is structurally distinct from JGBs: issuance volumes are smaller, credit analysis incorporates the Local Allocation Tax fiscal-equalization layer, and a meaningful share of debt is f",
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    "1. Issuance channels",
    "2. Issuer / credit logic",
    "3. Why it sits in policy-finance",
    "4. Connection to other markets",
    "5. Boundary cases",
    "6. Counterpoints",
    "7. Open questions",
    "Related"
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