---
title: "Japan policy-finance institution mandate matrix (JFC / DBJ / JBIC / JICA / NEXI / JOGMEC / JHF / ODFC / JASSO)"
aliases:
  - "Japan policy-finance institution mandate matrix"
  - "Japan policy finance mandate matrix"
  - "Japan policy banks comparison matrix"
  - "JFC DBJ JBIC JICA NEXI JOGMEC JHF ODFC JASSO matrix"
  - "Japan public finance institution matrix"
  - "Japan state-finance institution comparison"
  - "日本政策金融機関 mandate matrix"
  - "政策金融機関 9 機関比較"
domain: policy-finance
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, japan, mandate-comparison, state-finance, eca, dbj, jfc, jbic, jica, nexi, jogmec, jhf, odfc, jasso]
status: active
sources:
  - "https://www.jfc.go.jp/n/company/jfc/profile.html"
  - "https://www.jfc.go.jp/n/findings/pdf/jfc2024.pdf"
  - "https://www.dbj.jp/co/info/data/index.html"
  - "https://www.jbic.go.jp/en/about/organization.html"
  - "https://www.jbic.go.jp/en/information/annual-report/index.html"
  - "https://www.jica.go.jp/about/index.html"
  - "https://www.jica.go.jp/Resource/about/disc/index.html"
  - "https://www.nexi.go.jp/en/corporate/profile.html"
  - "https://www.jogmec.go.jp/english/about/overview.html"
  - "https://www.jhf.go.jp/about/organization/outline/index.html"
  - "https://www.okinawakouko.go.jp/about/profile/"
  - "https://www.jasso.go.jp/about/organization/index.html"
  - "https://www.mof.go.jp/policy/financial_system/special_purpose_companies/index.htm"
  - "https://www.meti.go.jp/policy/economy/keiei_innovation/sangyokinyu/"
---

# Japan policy-finance institution mandate matrix (JFC / DBJ / JBIC / JICA / NEXI / JOGMEC / JHF / ODFC / JASSO)

## TL;DR

Japan's policy-finance toolkit is **nine institutions**, not one. Each has a distinct statute, ownership shape, supervising minister(s), product envelope, geographic perimeter, and counterparty stack. A single overseas LNG, mining, semiconductor, or critical-minerals deal can touch [[policy-finance/jogmec|JOGMEC]] for resource equity, [[financial-regulators/jbic|JBIC]] for buyer credit, [[policy-finance/nexi|NEXI]] for political-risk insurance, [[financial-regulators/jfc|JFC]] only via SME-supplier finance, and never touch [[policy-finance/jica|JICA]] (ODA) or [[policy-finance/japan-housing-finance-agency|JHF]] (housing) at all. This matrix collects publicly-verifiable axes — mandate scope, statute, ownership, supervisor ministry, lending / guarantee / insurance capacity, geographic focus, sector focus, co-financing partners, and post-2022 mandate-shift direction — across [[financial-regulators/jfc|JFC]] (国民生活・中小・農林), [[financial-regulators/dbj|DBJ]], [[financial-regulators/jbic|JBIC]], [[policy-finance/jica|JICA]], [[policy-finance/nexi|NEXI]], [[policy-finance/jogmec|JOGMEC]], [[policy-finance/japan-housing-finance-agency|JHF]], [[policy-finance/okinawa-development-finance-corp|ODFC]], and [[policy-finance/japan-student-services-organization|JASSO]] so the institution question can be answered before the deal question.

## Wiki route

This entry sits under [[policy-finance/INDEX|policy-finance index]] as the canonical cross-institution mandate matrix paired with [[policy-finance/japan-policy-finance-system|Japan policy finance system]] (system map) and [[policy-finance/japan-project-finance-stack-diagram|Japan project finance stack diagram]] (deal-level layering). It complements the historical anchor at [[policy-finance/japan-eximbank-history|Japan Eximbank history]] and the per-institution operating models at [[policy-finance/jfc-sme-division-operating-model|JFC SME Division operating model]], [[policy-finance/jfc-agriculture-forestry-fisheries-division|JFC AFF Division]], [[policy-finance/jbic-overseas-investment-underwriting-process|JBIC overseas-investment underwriting]], [[policy-finance/nexi-export-credit-insurance-products|NEXI export-credit insurance products]], and [[policy-finance/jogmec-equity-and-offtake-mechanics|JOGMEC equity and offtake mechanics]]. The OECD-Arrangement ceiling on official export credit is at [[policy-finance/oecd-export-credit-arrangement|OECD Arrangement]]. The corporate-history-style pages live in JapanFG: [[financial-regulators/jfc|JFC]], [[financial-regulators/jbic|JBIC]], [[financial-regulators/dbj|DBJ]], and the post-policy-finance-privatised peer [[financial-regulators/shoko-chukin|Shoko Chukin]]. The trade-promotion / insurance / financing three-pillar comparison is at [[trade/jetro-vs-nexi-vs-jbic-comparison|JETRO vs NEXI vs JBIC]].

## Why this matrix matters

A single phrase like "Japanese policy bank" hides almost every axis that matters for analysis:

- **Mandate scope** — JFC writes domestic SME, agriculture, and education-adjacent loans; JBIC writes overseas buyer credit; JOGMEC takes upstream resource equity; NEXI writes export-credit insurance; JICA implements ODA; JHF runs RMBS support; ODFC runs consolidated Okinawa lending; JASSO runs household-sector student loans; DBJ writes mid-cap to large-cap structured domestic credit with an explicit GX / crisis-finance mandate. None of these are interchangeable.
- **Statute and ownership shape** — JFC, JBIC, and DBJ are wholly-state-owned 特殊会社 (special joint-stock companies) under bespoke acts; JICA, NEXI, JOGMEC, JHF, and JASSO are 独立行政法人 (incorporated administrative agencies) or 独立行政法人-equivalent special corporations; ODFC is a 株式会社-precursor 公庫-form public corporation. The legal form determines disclosure cadence, governance shape, and consolidation accounting.
- **Supervisor ministry** — MoF supervises JBIC and DBJ; MoF + MAFF + MHLW + METI jointly supervise JFC (four-minister 共管 structure); METI supervises NEXI and JOGMEC; MOFA supervises JICA; MLIT supervises JHF; Cabinet Office supervises ODFC; MEXT supervises JASSO. The supervisor controls the policy lane.
- **Capacity envelope** — loan books, guarantee books, insurance books, and equity books differ by orders of magnitude; JFC and JBIC operate in the ¥10–20 trillion range, JHF supports a similar-scale securitised book through Flat 35, JICA's ODA loan portfolio sits in the ¥10 trillion range, NEXI's outstanding insurance commitment runs into ¥10 trillion+, JOGMEC's equity-and-guarantee book is far smaller in headline yen but strategically pivotal, JASSO carries a multi-trillion-yen student-loan book, ODFC carries a low-trillion-yen book scoped to Okinawa.
- **Geographic focus** — JFC is domestic; JBIC is overseas; JICA is overseas; NEXI insures overseas transactions; JOGMEC is overseas-upstream with domestic stockpiling; JHF is domestic; ODFC is Okinawa-only; JASSO is domestic.
- **Co-financing partners** — JBIC and NEXI sit beside megabank syndicates and peer ECAs; JOGMEC sits beside trading houses ([[megabanks/mufg|MUFG]] / [[megabanks/smfg|SMFG]] / [[megabanks/mizuho-fg|Mizuho FG]] often financing the resultant deal); JFC sits beside [[policy-finance/japan-credit-guarantee-system|credit-guarantee corporations]], [[banking/cooperative-banking-japan|cooperative-banking]] lenders, and JA / JF; DBJ sits beside megabanks for crisis finance and beside [[finance/INDEX|private-equity]] for GX co-investment; JHF sits beside ordinary retail banks originating Flat 35; ODFC sits beside [[regional-banks/okinawa-fg|Okinawa FG]] / [[regional-banks/okinawa-kaiho-bank|Okinawa Kaiho Bank]]; JASSO sits beside MEXT and universities.
- **Recent mandate shift** — economic security, GX (green transformation), critical-minerals supply chain, semiconductor onshoring / friend-shoring, anti-deflation, regional revitalisation, and post-Covid normalization each rewrite the post-2022 mandate of a different subset of these institutions, not all of them uniformly.

Without the institution axis, comparing two deals or two policy choices on one balance-sheet metric is misleading.

## Institution 1 — JFC (日本政策金融公庫) — domestic SME / agriculture / education / crisis-response lender

- **Mandate scope.** Domestic policy-finance lender filling gaps the private banking system will not cover at scale. Three product-bearing divisions plus the 危機対応円滑化業務 crisis-response account: 国民生活事業 (sole-proprietor and micro-business finance), 中小企業事業 (mid-cap SME finance — see [[policy-finance/jfc-sme-division-operating-model|JFC SME Division operating model]]), 農林水産事業 (agriculture, forestry, fisheries, food industry — see [[policy-finance/jfc-agriculture-forestry-fisheries-division|JFC AFF Division]]). Education-loan adjacency through 国民生活事業's 教育一般貸付 sits beside [[policy-finance/japan-student-services-organization|JASSO]] but is corporate-policy in nature, not student services.
- **Statute.** 株式会社日本政策金融公庫法 (Act No. 57 of 2007; effective 2008-10-01).
- **Legal form.** 特殊会社 (special joint-stock company); non-listed; entire equity held by the state.
- **Ownership.** 100% government — four-minister 共管 structure (財務 + 厚労 + 農水 + 経産).
- **Supervisor.** Four-minister joint supervision; product policy keyed to the relevant minister (e.g. SME Division to METI, AFF Division to MAFF, 国民生活 to MHLW for life-related programs, capital and consolidated supervision to MoF).
- **Headcount.** Roughly seven-thousand-staff scale across nationwide branch network of ~150 sites (国民生活事業), ~50 sites (中小企業事業), and ~30 sites (農林水産事業).
- **Lending capacity envelope.** Loan-portfolio outstanding sits in the ¥10–20 trillion range across the three divisions plus the crisis-response account; the crisis-response lane spiked materially during 2008–2010 (post-Lehman), 2011 (Tohoku), 2020–2022 (Covid), and around regional natural disasters.
- **Guarantee / insurance capacity.** Operates the credit-insurance counter-guarantee leg that sits behind [[policy-finance/japan-credit-guarantee-system|Japan credit guarantee system]] and [[policy-finance/national-federation-credit-guarantee-corporations|JFG]] — public-credit insurance pool supporting the 51 prefectural / metropolitan credit guarantee corporations.
- **Geographic focus.** Domestic Japan exclusively. No overseas branch network; overseas pages are explicitly out of mandate (overseas counterpart is [[financial-regulators/jbic|JBIC]]).
- **Sector focus.** SMEs, micro-business, agriculture, forestry, fisheries, food industry, business succession, startup finance, regional revitalisation. Explicitly **民間補完原則** (private-sector-complementary principle) — JFC writes credit the megabanks / regional banks / shinkin / credit cooperatives will not extend at the required tenor / pricing.
- **Co-financing partners.** Megabanks, regional banks, shinkin, credit cooperatives, [[policy-finance/japan-credit-guarantee-system|credit-guarantee corporations]], 商工会議所 / 商工会 (for マル経融資), [[banking/INDEX|JA Bank / JF Marine Bank]] / 信農連 / 信漁連 / [[cooperative-banks/norinchukin|農林中央金庫]] (for AFF Division co-routing), SMRJ (for 小規模企業共済 / 経営セーフティ共済).
- **Recent mandate shift.** Post-2022 emphasis on business succession (事業承継 / 事業再生), startup support (政策金融による創業支援), GX-related SME capex, DX-related SME capex, anti-deflation / regional revitalisation programs delivered through 特別貸付 menus with 利子補給 budgets layered from METI / supplementary budgets, Noto-earthquake (2024-01) regional crisis-response activation.

## Institution 2 — DBJ (日本政策投資銀行) — mid-cap to large-cap structured policy lender / GX investor

- **Mandate scope.** Mid-cap to large-cap long-term structured finance: senior debt, mezzanine, equity participation, hybrid capital, advisory, fund-of-funds. Sits between JBIC (overseas) and ordinary corporate banking (private), and between JFC (small to mid-cap policy) and pure commercial lenders. Special operations include 危機対応業務 (crisis-response window) and 特定投資業務 (special investment account, ~¥3 trillion frame for ESG / GX / industrial-restructuring co-investment).
- **Statute.** 株式会社日本政策投資銀行法 (Act No. 85 of 2007).
- **Legal form.** 特殊会社; non-listed; full privatisation has been planned but repeatedly delayed — 2008 株式会社化, 2009 first delay (Lehman), 2012 delay (Tohoku), subsequent delays (Covid, GX-transition). Government remains 100% shareholder.
- **Ownership.** 100% government (財務大臣).
- **Supervisor.** MoF (primary); product-policy coordination with METI on GX / industrial-policy lanes.
- **Lending capacity envelope.** Loan-and-investment portfolio in the ¥15–20 trillion range; 特定投資業務 (special investment account) is a separately-managed ~¥3 trillion frame for higher-risk industrial / ESG / GX co-investment.
- **Guarantee / insurance capacity.** Not an insurer; not a guarantor. DBJ is a direct lender / equity investor.
- **Geographic focus.** Primarily domestic Japan; overseas representative offices in New York, London, and Singapore for cross-border deal sourcing, but balance-sheet exposure is dominated by domestic counterparties.
- **Sector focus.** Infrastructure, energy, GX (green transformation), DX, real estate, transportation, M&A / business-succession,事業再生 / corporate restructuring, regional revitalisation, special investment for industrial-policy co-investment.
- **Co-financing partners.** Megabanks ([[megabanks/mufg|MUFG]] / [[megabanks/smfg|SMFG]] / [[megabanks/mizuho-fg|Mizuho FG]]) for syndicated lending; [[finance/INDEX|domestic and foreign private-equity / infrastructure-fund managers]] for fund co-investment; trust banks for real-estate / infrastructure-fund vehicles; [[financial-regulators/jbic|JBIC]] selectively on outbound deals.
- **Recent mandate shift.** GX-transition finance has become the dominant institutional narrative since the 2022 GX League / GX promotion law context; semiconductor onshoring co-investment (alongside METI), critical-minerals refining / processing finance, post-Covid事業再生 supply, and continued postponement of full privatisation are the current direction.

## Institution 3 — JBIC (国際協力銀行) — overseas buyer-credit / overseas-investment / untied-loan / equity policy bank

- **Mandate scope.** Overseas finance for Japanese-corporate cross-border activity: **export buyer credit** (long-term loans to foreign buyers of Japanese capital goods), **export supplier credit**, **overseas investment loans** (lending to Japanese-affiliated SPVs co-financing with megabanks), **untied loans** to foreign sovereigns or sovereign-adjacent entities (typically to secure Japan's long-term resource imports), **import loans** for resource imports, **equity participation** (selectively, under the Special Operations Account), and **guarantees**. See [[policy-finance/jbic-overseas-investment-underwriting-process|JBIC overseas-investment underwriting process]] for the underwriting flow.
- **Statute.** 株式会社国際協力銀行法 (Act No. 39 of 2011; new JBIC effective 2012-04-01 after spin-out from JFC).
- **Legal form.** 特殊会社; non-listed; full equity held by 財務大臣.
- **Ownership.** 100% government (財務大臣).
- **Supervisor.** MoF (primary capital, governance, finance); METI policy coordination on industrial-policy themes; MOFA for sovereign-adjacent country risk.
- **Lending capacity envelope.** Loan-and-equity portfolio in the ¥15–20 trillion range; Special Operations Account (特別業務勘定, created 2016) frames the higher-risk strategic-finance lane separately from General Operations.
- **Guarantee / insurance capacity.** Issues guarantees; does not issue export-credit insurance (that lane belongs to [[policy-finance/nexi|NEXI]]).
- **Geographic focus.** Overseas exclusively (the entire point of the institution). Representative offices in major financial centres and resource / project-origination geographies (Beijing, Shanghai, Hanoi, Bangkok, Jakarta, Singapore, Sydney, Moscow, Riyadh, Cairo, Lima, Mexico City, Washington DC, New York, London, Paris, Frankfurt, Dubai). Predecessor institution lineage at [[policy-finance/japan-eximbank-history|Japan Eximbank history]].
- **Sector focus.** Resource (oil, gas, LNG, mining, critical minerals), infrastructure (power, transport, water, telecom), shipbuilding, plant exports, semiconductors, GX (renewables, hydrogen, ammonia, CCS), economic security (friend-shoring), M&A finance for Japanese sponsors.
- **Co-financing partners.** Megabank syndicates ([[megabanks/mufg|MUFG]] / [[megabanks/smfg|SMFG]] / [[megabanks/mizuho-fg|Mizuho FG]] as the dominant agent banks); [[policy-finance/nexi|NEXI]] insurance wrap on commercial tranches; peer ECAs (US EXIM, K-EXIM, UKEF, KfW IPEX, Bpifrance, EDC, EFA, SACE, ASHRA, CESCE); multilateral development banks (ADB, World Bank, AIIB, IFC, AfDB, IDB); [[policy-finance/jogmec|JOGMEC]] on upstream resource projects; trading houses (Mitsubishi, Mitsui, Itochu, Sumitomo, Marubeni, Toyota Tsusho, Sojitz) as sponsors / off-takers.
- **Recent mandate shift.** Post-2022 — explicit pivot toward GX (decarbonisation finance, hydrogen, ammonia, renewables, CCS), critical-minerals friend-shoring (Australia / Canada / Chile / Indonesia / Africa nickel-copper-lithium-cobalt), semiconductor supply-chain support (alongside METI co-investment), outbound M&A finance for Japanese sponsors, and explicit withdrawal from new coal-fired thermal financing. The Special Operations Account is the primary vehicle for higher-risk strategic plays. See [[policy-finance/oecd-export-credit-arrangement|OECD Arrangement]] for the per-transaction term ceiling under which most of this operates.

## Institution 4 — JICA (国際協力機構) — ODA implementation agency

- **Mandate scope.** Japan's principal ODA implementation channel: **ODA loans (有償資金協力 / 円借款)**, **grant aid (無償資金協力)**, **technical cooperation (技術協力)**, **JICA volunteer programs**, **emergency disaster relief**, **fellowship / training programs**. JICA is not a corporate lender; the borrower / counterparty is typically a foreign sovereign or sovereign-adjacent body, and the project frame is development cooperation, not commercial export-credit. Boundary with [[financial-regulators/jbic|JBIC]]: JBIC = overseas commercial / strategic finance; JICA = ODA / development cooperation.
- **Statute.** 独立行政法人国際協力機構法 (Act No. 136 of 2002 as amended; current JICA effective 2008-10-01 after merger absorbing OECF's ODA loan portfolio).
- **Legal form.** 独立行政法人 (incorporated administrative agency).
- **Ownership.** Wholly state-owned independent administrative agency.
- **Supervisor.** MOFA (primary); MoF on capital / consolidated financial matters; METI / MAFF on sector-relevant programs.
- **Lending capacity envelope.** ODA loan portfolio in the ¥10–15 trillion range outstanding; annual ODA-loan commitment volume runs around ¥1–2 trillion depending on the year and the regional / sectoral pipeline.
- **Grant / technical-cooperation capacity.** Grant aid annual commitment ~¥150–250 billion; technical-cooperation annual budget ~¥150 billion (rough orders of magnitude).
- **Geographic focus.** Overseas — primarily developing countries across Southeast Asia, South Asia, Sub-Saharan Africa, Latin America, Middle East / North Africa, and Pacific Islands. Office network in ~95 overseas country offices.
- **Sector focus.** Infrastructure (transport, energy, water), human development (health, education), agriculture / rural development, peace-building, governance, disaster risk reduction, climate finance under ODA framing.
- **Co-financing partners.** Multilateral development banks (World Bank, ADB, AIIB, IFC, AfDB, IDB), peer bilateral donors (USAID, KfW Development Bank, AFD, FCDO, KOICA), [[financial-regulators/jbic|JBIC]] selectively when an ODA project transitions to commercial follow-on, [[policy-finance/jica|JICA]] uses Japanese contractors / consultants on tied-aid components where applicable.
- **Recent mandate shift.** Quality-infrastructure framing (alongside G7 PGII / Build Back Better World narratives), economic-security framing for ODA in Indo-Pacific, climate-finance scaling (alignment with COP commitments), peace-and-stability ODA for Ukraine, expansion of digital-development cooperation.

## Institution 5 — NEXI (日本貿易保険) — export-credit / overseas-investment insurer

- **Mandate scope.** Trade and investment insurance for risks commercial insurers cannot or will not cover at scale: **trade insurance** (export-contract default), **export-credit insurance** (commercial-bank loan to foreign buyer), **overseas-investment insurance** (equity / loan investment expropriation / war / transfer-restriction / breach-of-contract risk), **buyer-credit insurance**, **overseas-untied-loan insurance**, **lessor's contingency insurance** (aircraft and ships). See [[policy-finance/nexi-export-credit-insurance-products|NEXI export-credit insurance products]] for the product taxonomy.
- **Statute.** 貿易保険法 (Trade and Investment Insurance Act).
- **Legal form.** 株式会社 (special joint-stock company); wholly state-owned (became current 株式会社 form on 2017-04-01).
- **Ownership.** 100% government.
- **Supervisor.** METI (primary).
- **Insurance commitment envelope.** Outstanding insurance commitment runs into ¥10 trillion+ across all products; annual underwriting commitment is in the multi-trillion-yen range with material year-to-year variance based on resource / infrastructure deal pipeline.
- **Geographic focus.** Overseas — covers Japanese-corporate cross-border transactions globally. Country-risk classification follows OECD country-risk categories.
- **Sector focus.** Resource (LNG, oil, mining), infrastructure (power, transport, telecom), manufacturing exports, aircraft, ships, plant exports, semiconductors. Increasingly important on critical-minerals supply chain and friend-shoring deals.
- **Co-financing partners.** Megabank syndicates as the insured lender on buyer-credit / loan-insurance products; [[financial-regulators/jbic|JBIC]] for stacking direct loans + insurance on the same deal; peer ECAs for reinsurance / co-insurance.
- **Recent mandate shift.** Post-2022 — explicit emphasis on **economic security insurance products**, critical-minerals supply chain coverage, semiconductor-equipment exports, friend-shoring insurance support, climate-aligned trade insurance, and tightening on coal-related coverage. See [[trade/jetro-vs-nexi-vs-jbic-comparison|JETRO vs NEXI vs JBIC]] for the three-pillar split.

## Institution 6 — JOGMEC (エネルギー・金属鉱物資源機構) — resource-security equity / guarantee / stockpiling agency

- **Mandate scope.** Energy and mineral resource security: **upstream equity investment** in Japanese-affiliated oil / gas / LNG / coal / metals / critical-minerals development projects, **liability guarantees** for exploration borrowings, **geological surveys** and **technical studies**, **petroleum / LPG stockpiling** (national strategic reserves), **mine pollution control**, **critical-minerals supply security**, **hydrogen / CCS technology development**, and **offshore wind geological surveys**. See [[policy-finance/jogmec-equity-and-offtake-mechanics|JOGMEC equity and offtake mechanics]] for the deal-level instruments.
- **Statute.** 独立行政法人エネルギー・金属鉱物資源機構法 (Act No. 94 of 2002 as amended; renamed 2022-11-01 from 石油天然ガス・金属鉱物資源機構 to reflect critical-minerals / energy-security expansion).
- **Legal form.** 独立行政法人 (incorporated administrative agency).
- **Ownership.** Wholly state-owned independent administrative agency.
- **Supervisor.** METI (primary).
- **Capital base.** Equity capital ~¥1.8 trillion (as of 2024); roughly 1,100 staff.
- **Equity / guarantee envelope.** Equity portfolio in the multi-hundred-billion-yen range, growing under post-2022 mandate expansion; guarantee commitments in the hundreds of billions of yen, depending on the resource-project pipeline.
- **Geographic focus.** Overseas upstream geographies (Middle East, Australia, Southeast Asia, Sub-Saharan Africa, Latin America, North America) for resource projects; domestic for stockpiling and CCS / hydrogen / offshore-wind surveys.
- **Sector focus.** Oil, gas, LNG, coal (legacy), metals (copper, nickel, cobalt, lithium, rare earths), uranium, hydrogen, ammonia, CCS, geothermal, offshore wind geological survey.
- **Co-financing partners.** Trading houses (Mitsui, Mitsubishi, Itochu, Marubeni, Sumitomo, Sojitz, Toyota Tsusho); resource majors (Inpex, JOGMEC-Inpex JV structures, Idemitsu, Eneos, JX Nippon Mining, Sumitomo Metal Mining, JFE, Nippon Steel); [[financial-regulators/jbic|JBIC]] downstream as the senior-debt provider once exploration risk has been resolved; megabank syndicates on the resulting project finance; [[policy-finance/nexi|NEXI]] for political-risk cover on the resulting project.
- **Recent mandate shift.** Post-2022 institutional rename — central strategic emphasis on **critical-minerals supply security**, **economic-security framing** (alignment with the 経済安全保障推進法), **GX-transition resources** (hydrogen, ammonia, CCS), and continued (but tightening) LNG / oil security framing as a transition-period necessity.

## Institution 7 — JHF (住宅金融支援機構) — housing-finance securitisation support agency

- **Mandate scope.** Housing-finance support: **securitisation support** (Flat 35 conforming-loan securitisation channelling private-bank-originated housing loans into JHF RMBS), **housing-loan insurance**, **disaster-recovery housing lending** (direct), **special-purpose housing lending** (where private finance is incomplete), **public-housing finance support** to local governments and housing-supply public corporations. Not a deposit-taking bank; not a retail housing-loan originator outside disaster / special-purpose lanes.
- **Statute.** 独立行政法人住宅金融支援機構法.
- **Legal form.** 独立行政法人 (incorporated administrative agency, established 2007-04-01 as successor to 住宅金融公庫).
- **Ownership.** Wholly state-owned independent administrative agency.
- **Supervisor.** MLIT (primary); MoF on capital / fiscal matters.
- **Securitisation envelope.** Outstanding RMBS / MBS issuance balance in the ¥10–15 trillion range; annual issuance ~¥2 trillion (Flat 35 conforming-loan securitisation); direct-lending and disaster-recovery balance separately in the trillion-yen range.
- **Insurance envelope.** Housing-loan insurance carried for private-bank originated eligible housing loans.
- **Geographic focus.** Domestic Japan.
- **Sector focus.** Residential housing (primarily new-construction and seasoned housing for Flat 35), disaster-recovery housing reconstruction, urban-renewal / public-housing-supply finance.
- **Co-financing partners.** Megabanks, regional banks, shinkin, credit cooperatives, mortgage banks (Flat 35 originators) — banks originate the loan, JHF securitises into RMBS; local governments and housing-supply corporations on public-housing lanes.
- **Recent mandate shift.** Post-2011 emphasis on disaster-recovery housing lending (Tohoku, Kumamoto, West Japan floods, Noto 2024); ongoing role as the RMBS-market backbone for the Japanese residential housing-finance market; energy-efficient / ZEH-compliant housing loan promotion under Flat 35 S and similar incentive programs.

## Institution 8 — ODFC (沖縄振興開発金融公庫) — Okinawa-specific consolidated regional policy lender

- **Mandate scope.** Okinawa-specific consolidated policy finance — replicates mainland JFC, JHF, and 福祉医療機構 functions plus an Okinawa-specific regional-policy lane: SME finance, agriculture / fisheries finance, housing finance, medical / welfare facility finance, public-utility finance, tourism finance, and Okinawa-industrial-promotion finance.
- **Statute.** 沖縄振興開発金融公庫法 (1972-05-15 effective on Okinawa reversion).
- **Legal form.** 公庫 (special-form public corporation); has not been converted to 独立行政法人 or 株式会社 form (unique among policy-finance institutions); reflects post-reversion regional-policy design.
- **Ownership.** Wholly state-owned.
- **Supervisor.** Cabinet Office (内閣府 — 沖縄担当大臣 lane) primary; MoF capital; MAFF / MLIT / MHLW for sectoral overlays.
- **Lending capacity envelope.** Loan portfolio in the ¥1.5–2 trillion range (much smaller than mainland JFC / DBJ / JBIC because Okinawa is one prefecture).
- **Geographic focus.** Okinawa Prefecture exclusively.
- **Sector focus.** Okinawa SMEs, tourism (large Okinawa-specific share given Okinawa's hospitality economy), agriculture / fisheries, housing, medical / welfare facilities, infrastructure, regional revitalisation. Distinctive Okinawa-specific programs include base-economy transition support, sugar-and-pineapple primary-sector finance, and tourism-resilience finance.
- **Co-financing partners.** [[regional-banks/okinawa-fg|Okinawa FG]] / [[regional-banks/okinawa-kaiho-bank|Okinawa Kaiho Bank]] / Bank of the Ryukyus and Okinawa-prefecture financial institutions; Okinawa Prefecture and Okinawa municipal governments; central-government Okinawa-振興 framework programs.
- **Recent mandate shift.** Tourism-resilience finance post-Covid (Okinawa's tourism-dependence amplified Covid shock); startup-promotion finance (Okinawa-startup zone framework); semiconductor / energy capex finance for limited Okinawa industrial-policy lanes; continued reliance on the 沖縄振興 framework periodic renewal.

## Institution 9 — JASSO (日本学生支援機構) — student-services agency / household-sector student-loan provider

- **Mandate scope.** Student services for higher-education students: **scholarship loans** (Type 1 interest-free, Type 2 interest-bearing), **grant scholarships** (高等教育の修学支援新制度 means-tested grant since 2020), **international-student support** (inbound and outbound), **student-life support**. The scholarship-loan portfolio is the dominant financial-balance-sheet item; JASSO is in financial-balance terms a household-sector student-loan provider, not a corporate lender.
- **Statute.** 独立行政法人日本学生支援機構法 (effective 2004-04-01).
- **Legal form.** 独立行政法人 (incorporated administrative agency).
- **Ownership.** Wholly state-owned independent administrative agency.
- **Supervisor.** MEXT (primary).
- **Lending capacity envelope.** Outstanding student-loan portfolio in the ¥9–10 trillion range (one of the largest household-sector public credit books); annual scholarship-loan origination flow in the ¥1 trillion range.
- **Geographic focus.** Domestic Japan student population (with inbound international-student programs).
- **Sector focus.** Higher-education students — universities (国立 / 公立 / 私立), graduate schools, junior colleges, vocational schools, 高専.
- **Co-financing partners.** MEXT (policy and budget), universities and other education institutions (verification / disbursement), private commercial banks (separate from JASSO — commercial student-loan products exist parallel to JASSO scholarship-loan products), [[financial-regulators/jfc|JFC]] 国民生活事業's 教育一般貸付 is a parallel household-education-loan product for parents (not students), with eligibility distinct from JASSO.
- **Recent mandate shift.** Means-tested grant scholarship expansion (2020 高等教育の修学支援新制度 launch and subsequent expansion), income-contingent repayment scheme rollout, repayment-relief expansion for hardship cases, increased emphasis on international-student inbound support under Japan's "300,000 international students" policy framework.

## Big comparison matrix table

The following table is scoped to public primary sources (jfc.go.jp, dbj.jp, jbic.go.jp). It restates licence / structure / product boundaries from those materials and does not invent market share, ranking, or unstated numerical claims. ^[source:jfc.go.jp; dbj.jp; jbic.go.jp; jica.go.jp]

| Axis | JFC | DBJ | JBIC | JICA | NEXI | JOGMEC | JHF | ODFC | JASSO |
|---|---|---|---|---|---|---|---|---|---|
| **Mandate** | Domestic SME / agri / education / crisis | Mid-cap to large-cap structured / GX / crisis | Overseas buyer credit / OIL / untied / equity | ODA loans / grants / technical cooperation | Export-credit / overseas-investment insurance | Resource equity / guarantees / stockpiling | RMBS support / housing insurance / disaster-recovery housing | Okinawa-consolidated regional policy finance | Student loans / grants / int'l-student support |
| **Statute** | 日本政策金融公庫法 2007 | 日本政策投資銀行法 2007 | 国際協力銀行法 2011 | 国際協力機構法 2002 | 貿易保険法 | エネルギー・金属鉱物資源機構法 2002 | 住宅金融支援機構法 | 沖縄振興開発金融公庫法 1972 | 日本学生支援機構法 2003 |
| **Legal form** | 特殊会社 (joint-stock special company) | 特殊会社 | 特殊会社 | 独立行政法人 | 株式会社 (special joint-stock) | 独立行政法人 | 独立行政法人 | 公庫 (special public corp) | 独立行政法人 |
| **Ownership** | 100% gov (4-min) | 100% gov (財務) | 100% gov (財務) | Wholly state (独法) | 100% gov (special) | Wholly state (独法) | Wholly state (独法) | 100% gov | Wholly state (独法) |
| **Supervisor** | MoF + MHLW + MAFF + METI | MoF (primary) | MoF (primary) | MOFA (primary) | METI (primary) | METI (primary) | MLIT (primary) | Cabinet Office (内閣府) | MEXT (primary) |
| **Year (current form)** | 2008-10-01 | 2008-10-01 (株式会社化) | 2012-04-01 (re-spinout) | 2008-10-01 (post-OECF absorb) | 2017-04-01 (株式会社化) | 2004-02-29 (formation); 2022-11-01 (rename) | 2007-04-01 | 1972-05-15 (Okinawa reversion) | 2004-04-01 |
| **Predecessor** | 国金 + 中小公庫 + 農林公庫 + JBIC国際金融部門 (2008 merger) | 日本開発銀行 + 北海道東北開発公庫 (1999 merger) | 旧 JBIC (1999) ← 日本輸出入銀行 + OECF (see [[policy-finance/japan-eximbank-history\|history]]) | 国際協力事業団 (1974) + OECF ODA-loan portfolio (2008) | 通産省貿易保険部 → 独立行政法人日本貿易保険 (2001) → 株式会社化 (2017) | 石油公団 + 金属鉱業事業団 (2004 merger) | 住宅金融公庫 (1950–2007) | New formation on Okinawa reversion (1972) | 日本育英会 (1944) + AIEJ + others (2004 merger) |
| **Lending / portfolio scale** | ¥10–20T loan book | ¥15–20T loan / investment book + ¥3T 特定投資 | ¥15–20T loan / equity book | ¥10–15T ODA loan portfolio | ¥10T+ outstanding insurance commitment | ¥1.8T equity capital; multi-¥100B equity-and-guarantee book | ¥10–15T outstanding RMBS / MBS | ¥1.5–2T loan book (Okinawa only) | ¥9–10T outstanding student-loan portfolio |
| **Guarantee / insurance** | Credit-insurance counter-guarantee behind 信用保証協会 | Not a guarantor | Issues guarantees | Not a guarantor (grants are non-credit) | Core business is insurance | Liability guarantees for exploration | Housing-loan insurance | Limited Okinawa-specific | Not a guarantor (loans are direct) |
| **Geographic focus** | Domestic Japan | Primarily domestic + 3 overseas offices | Overseas exclusively | Overseas (developing countries) | Overseas (Japanese cross-border) | Overseas upstream + domestic stockpiling | Domestic Japan | Okinawa Prefecture only | Domestic Japan |
| **Sector focus** | SME / agri / forestry / fisheries / food / business succession | Infrastructure / energy / GX / DX / real estate / M&A | Resource / infra / shipbuilding / plant / GX / semis | Infra / human dev / agri / climate / governance | Resource / infra / plant / aircraft / ships / semis | Oil / gas / LNG / metals / critical minerals / H2 / CCS | Residential housing / disaster-recovery housing | Okinawa SMEs / tourism / agri / housing / infra | Higher-education students |
| **Co-financing partners** | Megabanks / regionals / shinkin / 信組 / 信用保証協会 / JA / JF / [[cooperative-banks/norinchukin\|農中]] | Megabanks / PE / infra funds / JBIC | Megabanks / [[policy-finance/nexi\|NEXI]] / peer ECAs / MDBs / [[policy-finance/jogmec\|JOGMEC]] / trading houses | MDBs / peer bilateral donors / JBIC | Megabanks / [[financial-regulators/jbic\|JBIC]] / peer ECAs (reinsurance) | Trading houses / resource majors / [[financial-regulators/jbic\|JBIC]] / [[policy-finance/nexi\|NEXI]] / megabanks | Megabanks / regionals / shinkin / 信組 / mortgage banks / local govts | [[regional-banks/okinawa-fg\|Okinawa FG]] / [[regional-banks/okinawa-kaiho-bank\|Okinawa Kaiho Bank]] / Bank of the Ryukyus / Okinawa govt | MEXT / universities / parallel JFC 教育一般貸付 |
| **OECD Arrangement applies?** | No (domestic) | Selectively on outbound | Yes (extensively) | ODA loans treated separately under OECD ODA rules | Yes | Indirectly (when stacked with JBIC / NEXI) | No (domestic) | No (domestic) | No (domestic) |
| **Recent mandate shift** | Business succession / startup / GX-SME / DX-SME / 利子補給 lanes / Noto crisis | GX-transition / semis onshoring / 特定投資 / 事業再生 | GX / critical minerals / semis / friend-shoring / outbound M&A / coal-exit | Quality infra / economic-security framing / Ukraine / climate / digital dev | Economic security / critical minerals / semis / coal-tightening | Critical minerals / 経済安保 / H2 / CCS / 2022 rename | Disaster-recovery housing / ZEH promotion | Tourism-resilience / startup / semis-limited / 沖縄振興 renewal | Means-tested grant expansion / income-contingent repayment / int'l students |

## Stack-perspective view — when each institution appears in a deal

The same nine institutions appear together (or in subsets) when looked at as a deal stack rather than as standalone entities. Four canonical stack patterns:

### Pattern A — Overseas LNG / mining / critical-minerals project finance

Sponsor SPV (trading house + utility + foreign partner) sits behind the financing stack. [[policy-finance/jogmec|JOGMEC]] takes upstream resource equity / liability guarantee for exploration risk. Once reserves are proven and the project is bankable, [[financial-regulators/jbic|JBIC]] arranges an export buyer credit + overseas investment loan tranche, [[policy-finance/nexi|NEXI]] wraps the commercial-bank tranche with political-risk / commercial-risk insurance, and the megabank syndicate ([[megabanks/mufg|MUFG]] / [[megabanks/smfg|SMFG]] / [[megabanks/mizuho-fg|Mizuho FG]]) extends the senior commercial debt as agent bank. The OECD-Arrangement ceiling at [[policy-finance/oecd-export-credit-arrangement|OECD Arrangement]] caps the official-credit terms. JFC / DBJ / JHF / ODFC / JASSO / JICA never appear in this stack — wrong mandate for each.

### Pattern B — Domestic SME finance and crisis-response

A domestic SME borrower applies for a guaranteed loan through their bank ([[banking/regional-bank-consolidation-pattern|regional bank]] / shinkin / credit cooperative). The bank originates the loan, the prefectural credit guarantee corporation guarantees the obligation under [[policy-finance/japan-credit-guarantee-system|Japan credit guarantee system]] (51-corp system with [[policy-finance/tokyo-credit-guarantee-corp|Tokyo CGC]] as the largest), [[financial-regulators/jfc|JFC]]'s credit-insurance leg counter-guarantees the guarantee corporation. Separately, [[financial-regulators/jfc|JFC]] 中小企業事業 may extend a direct policy-finance loan to mid-cap SMEs that the credit-guarantee + bank channel cannot serve at required tenor / pricing. Under crisis (Lehman, Tohoku, Covid, Noto, energy shock), JFC's 危機対応円滑化業務 lane activates with METI / supplementary-budget 利子補給 layered on top. JBIC / NEXI / JOGMEC / JICA / JHF / ODFC / JASSO never appear in this stack — wrong mandate.

### Pattern C — Domestic GX / large-cap industrial restructuring

A domestic mid-to-large-cap industrial sponsor undertakes a GX-transition capex program (renewable build-out, hydrogen offtake, ammonia co-firing, CCS hub, factory decarbonisation). [[financial-regulators/dbj|DBJ]] provides senior debt, mezzanine, or equity through its 特定投資業務 special-investment account. Megabank syndicate ([[megabanks/mufg|MUFG]] / [[megabanks/smfg|SMFG]] / [[megabanks/mizuho-fg|Mizuho FG]]) co-lends commercial debt. Where the capex has an overseas extension (e.g., a US factory, an Australian hydrogen project), [[financial-regulators/jbic|JBIC]] adds an outbound tranche and [[policy-finance/nexi|NEXI]] insures political risk on overseas equity. METI provides industrial-policy backstop (subsidy / supplementary-budget). JFC sits beside the supply-chain SME counterparties through Pattern B. JICA / JHF / ODFC / JASSO never appear in this stack — wrong mandate.

### Pattern D — Domestic residential housing finance

A homeowner takes out a Flat 35 conforming-loan housing mortgage through a private bank or mortgage bank (originator). The originator pools the loans and securitises them through [[policy-finance/japan-housing-finance-agency|JHF]] RMBS, which is sold to bank / life-insurance / pension-fund investors. JHF housing-loan insurance covers the residual risk on eligible non-Flat-35 housing loans. In disaster zones (post-Tohoku, post-Kumamoto, post-Noto), JHF extends direct disaster-recovery housing lending. None of the other eight institutions appear in this stack — wrong mandate for each.

## Cross-institution overlap and substitutability

Despite distinct mandates, several pairs of institutions show partial overlap:

- **JFC 国民生活事業 教育一般貸付 vs JASSO scholarship-loan.** Both are household-sector education-finance products, but JFC's product is a parent-borrower household loan and JASSO's product is a student-borrower scholarship loan with income-contingent repayment options. Eligibility, repayment terms, and borrower identity differ; the two products complement rather than substitute.
- **JBIC overseas investment loan vs JICA ODA loan.** Both lend overseas, but JBIC's borrower is a Japanese-affiliated SPV / corporate sponsor (commercial / strategic finance) while JICA's borrower is typically a foreign sovereign or sovereign-adjacent entity (development cooperation framing). A given country / sector pipeline may have both — JICA on the development side, JBIC on the commercial follow-on.
- **NEXI export-credit insurance vs JBIC guarantees.** Both reduce risk on overseas transactions, but NEXI's product is insurance (premium-based, risk-priced, claims-and-recovery) while JBIC's product is a guarantee (state-guarantee form, structured by the lending counterparty). The two often stack on the same deal.
- **JOGMEC equity / guarantee vs JBIC sovereign-untied loan.** Both can secure long-term Japan-bound resource imports, but JOGMEC operates at upstream equity / exploration-risk gate while JBIC's untied loan provides senior-debt tenor to the sovereign / sovereign-adjacent borrower.
- **JFC SME Division vs [[financial-regulators/shoko-chukin|Shoko Chukin]].** Both lend to SMEs, but JFC is state-owned policy-finance under 民間補完 principle while [[financial-regulators/shoko-chukin|Shoko Chukin]] is a privatised cooperative-membership commercial bank (post-2023-10 privatisation). Comparing the two post-privatisation requires reading Shoko Chukin as a private bank.
- **DBJ vs megabank corporate-finance arms.** DBJ's structured-finance product menu overlaps materially with megabank corporate-finance, but DBJ takes longer tenor, more illiquid risk, and operates the crisis-response window that megabanks cannot. The privatisation-deferral pattern reflects this gap.

## How to read this matrix

This matrix is a public-surface tool. It does not rank institutions, does not estimate balance-sheet health, and does not predict policy direction. It exists so that any policy-finance institution page can be classified consistently before the question of project / sector / counterparty gets asked.

When reading a project, deal, or policy-program reference:

1. Start with the **mandate** column — that determines whether the institution can even be the counterparty. JFC cannot lend to a foreign sovereign; JBIC cannot lend to a domestic SME; NEXI cannot replace a loan; JICA cannot replace export credit.
2. Check the **statute and legal form** column. 特殊会社 vs 独立行政法人 vs 公庫 controls disclosure cadence, governance, and accounting consolidation.
3. Check the **supervisor** column. The supervising minister(s) determines which policy-overlay programs (利子補給, 特別貸付 menus, GX programs, economic-security programs) flow through which institution.
4. Check the **geographic** column. Domestic-only institutions cannot do overseas deals; overseas-only institutions cannot do domestic deals.
5. Use the **co-financing partners** column to read which deal sits next to which institution — JBIC + NEXI + JOGMEC + megabank is the canonical overseas-resource stack; JFC + 信用保証協会 + regional bank is the canonical domestic-SME stack.

## Boundary cases / 政策金融 reform context

- **JFC vs Shoko Chukin.** Both are descendants of pre-2008 policy-finance institutions, but [[financial-regulators/shoko-chukin|Shoko Chukin]] was privatised (政府保有株式売却 completed 2023-10) while JFC remains 100% government-held. Comparing the two SME-finance lanes mid-2020s requires reading Shoko Chukin as a private commercial bank with cooperative-member orientation, not a peer policy-finance institution.
- **JBIC vs JICA — post-1999 reorganisation.** The 1999 merger of 日本輸出入銀行 + OECF created the original JBIC; the 2008 reorganization moved OECF's ODA-loan portfolio to JICA and absorbed the international-finance division of old JBIC into JFC; the 2012 spin-out recreated JBIC as a standalone special-shareholding company. See [[policy-finance/japan-eximbank-history|Japan Eximbank history]] for the full trajectory.
- **JOGMEC pre/post 2022 rename.** The 2022-11-01 institutional rename from 石油天然ガス・金属鉱物資源機構 to エネルギー・金属鉱物資源機構 marked an explicit expansion of mandate to encompass GX-transition resources (hydrogen, ammonia, CCS) and critical-minerals supply chain, alongside the legacy oil / gas / metals mandate.
- **DBJ's perpetually-deferred privatisation.** DBJ has been on a privatisation track since 2008 株式会社化, with successive delays (Lehman 2009, Tohoku 2012, Covid 2020, GX 2022+). The crisis-response window has been the structural reason the privatisation has not advanced.
- **JFC SME lane vs JFG credit-guarantee lane.** Two parallel SME public-credit channels — JFC writes direct loans (民間補完 principle), [[policy-finance/japan-credit-guarantee-system|credit-guarantee corporations]] (51 prefectural / metropolitan corps under [[policy-finance/national-federation-credit-guarantee-corporations|JFG]]) guarantee bank-originated loans, with JFC's credit-insurance leg sitting behind the guarantee. The two lanes complement rather than substitute.
- **JHF vs private mortgage market.** JHF supports the private housing-finance market through securitisation (Flat 35) and insurance rather than competing as a retail mortgage lender. The boundary with private commercial housing loans is product-by-product.
- **ODFC's regional uniqueness.** ODFC is the only consolidated regional policy-finance institution in Japan (mainland equivalents are split across JFC, JHF, and 福祉医療機構). The consolidated structure reflects post-reversion regional-policy design and continues into the 沖縄振興 framework.
- **JASSO loan portfolio risk.** JASSO's ¥9–10 trillion student-loan book is one of the largest household-sector public-credit exposures in Japan, with structurally rising hardship-relief rates under demographic / labour-market pressure. Income-contingent repayment expansion has been an active policy lever.
- **Economic-security re-framing post-2022.** The 経済安全保障推進法 (2022) and successive supplementary budgets have rewritten the mandates of JBIC, NEXI, JOGMEC, and selectively DBJ around critical-minerals supply, semiconductor onshoring, and friend-shoring. JFC and JHF are largely untouched by this re-framing; JICA absorbs it through quality-infrastructure / economic-security ODA framing.

## Related

- [[policy-finance/INDEX|policy-finance index]]
- [[policy-finance/japan-policy-finance-system|Japan policy finance system]]
- [[policy-finance/japan-project-finance-stack-diagram|Japan project finance stack diagram]]
- [[policy-finance/japan-eximbank-history|Japan Eximbank history]]
- [[policy-finance/jica|JICA]]
- [[policy-finance/nexi|NEXI]]
- [[policy-finance/jogmec|JOGMEC]]
- [[policy-finance/okinawa-development-finance-corp|ODFC]]
- [[policy-finance/japan-housing-finance-agency|JHF]]
- [[policy-finance/japan-student-services-organization|JASSO]]
- [[policy-finance/oecd-export-credit-arrangement|OECD Arrangement]]
- [[policy-finance/jfc-sme-division-operating-model|JFC SME Division operating model]]
- [[policy-finance/jfc-agriculture-forestry-fisheries-division|JFC AFF Division]]
- [[policy-finance/jbic-overseas-investment-underwriting-process|JBIC overseas-investment underwriting]]
- [[policy-finance/nexi-export-credit-insurance-products|NEXI export-credit insurance products]]
- [[policy-finance/jogmec-equity-and-offtake-mechanics|JOGMEC equity and offtake mechanics]]
- [[financial-regulators/jbic|JBIC corporate page]]
- [[financial-regulators/jfc|JFC corporate page]]
- [[financial-regulators/dbj|DBJ corporate page]]
- [[financial-regulators/shoko-chukin|Shoko Chukin]]
- [[trade/jetro-vs-nexi-vs-jbic-comparison|JETRO vs NEXI vs JBIC]]

## Sources

- JFC corporate profile and JFC 2024 annual disclosure (`jfc2024.pdf`).
- DBJ corporate-data and IR disclosures.
- JBIC organisation overview and annual report.
- JICA institutional overview and ODA disclosures.
- NEXI corporate profile (METI English page on export and investment insurance).
- JOGMEC institutional overview (English).
- JHF organisation outline.
- ODFC corporate profile.
- JASSO organisation profile.
- MoF policy-finance / special-corporation supervision portal.
- METI 産業金融 (industrial finance) portal for the JBIC / NEXI / JOGMEC / DBJ co-policy lane.