MoF realises private + public sector NPLs continue to snowball FILP + Local Government Reform launched


FILP Budgets as 'government expenditure without taxation' launch a co-ordinated infrastructure reconstruction


Kishi' Manchuria II Plan of co-ordinated post War recovery with minimum resort to forex loans via FILP funding


Yoshimune Tokugawa launches Kyoho Reform of national economy beginnings of what becomes FILP 1953




Fiscal Investment and Loans Programme zaito

FILP Budgets from 1953 expenditure without taxation cf Kishi, Manchuria II Plan

FILP Agencies

public sector entities receiving FILP funds

variously termed eidan, jigyodan, kikin, kiko, kinko, kodan, koko, kosha etc


now FILPF/prior TFB zaito kikin/shikin unyobu

assets illiquid but a demographic asset realisation need a factor in FILP Reform

FILP Reform

MoF organised reform programme

an attempted rationalisation, refinancing, refocusing of much of the public sector

FILP Reform current status

MoF preservation of bureaucrat turf predominates

not Stock privatisation more a Flow Total Tax Burden push cf Abenomics Arrow IV

FILP Reform Phase I

1995 - 2001 planning and legislation stage

Yoichi Takahashi exposed FILP's ALM problems and PM Hashimoto took action

FILP Reform Phase II

2001 - 2008 preparatory action stage

TFB becomes FILPF and trust deposit roll overs disintermediated with FILPBs

FILP Reform Phase III

2008 - 2015 implementation stage

re-organisation of FILPAs and conversion to IAIs but little privatisation cf IAI

FILPAs FILP Agencies

the full range of FILP public corporations etc

a jumble of public sector banks, corporations, public service providers etc


FILP Agency Bonds zaito kikansai

substantially FILPBs formally FILP Agency straight bonds cf FILP Reform


FILP Bonds zaitosai

substantially JGBs for refinancing FILP Fund formally not cf FILP Reform


FILP and Local Authority related enterprise groups

heavily/entirely subsidised public sector businesses cf FILP Reform

Manchuria II Plan

FILP programme for Japan's post War reconstruction

FILP Budgets from 1953 funded infrastructure capex with minimal forex loans

TFB (iii) 1953 - 2001

FILP Budget funds managed from FILP launch

Yoichi Takahashi analysed the TFB's ALM problems and triggered FILP Reform

TFB (iv) 2001 - 2008

renamed FILP Fund FILPF in FILP Reform Phase II

seven year term entrusted public funds disintermediated by FILPB issuance

Tokyo Metro KK

a FILP tokuho special public corporation

Tokyo underground a FILP Agency supposed to be privatised vs toei chikatetsu

zaisei toyushi zaito

Fiscal Investment and Loans Programme FILP

as zaito kaikaku FILP Reform, zaito kikin FILP Fund previously TFB

zaito kaikaku

MoF organised programme of FILP Reform

an attempted rationalisation, refinancing, refocusing of much of the public sector

zaito kikansai

FILP Agency Bonds FILPABs

corporate style bonds issued by FILP agencies en route towards privatisation

zaito kikin

FILP Fund/prior TFB zaito kikin/shikin unyobu

assets illiquid but a demographic asset realisation need a factor cf FILP Reform



quasi JGBs refinancing FILP Fund in FILP Reform Phase II 2001 - 2008

dokuritsu gyosei hojin

Independent Administrative Institute

modelled on Thatcherite UK public agencies deus ex machina for FILP Reform


Government Guaranteed Bonds seifu hoshosai

class of bonds issued by FILP agencies frequently the forex tranches


Independent Administrative Institute

UK public agency model for FILP Reform process cf dokuritsu gyosei hojin


Japan Bank for International Co-operation

prior Exim Bank and OECF clumsily consolidating FILP activities overseas


Japan Finance Organisation for Municipalities

the prior FILP Agency was put into local authority ownership in 2008


Japan Housing Loan Corporation

JHLC wound down to JHF and bank mortgage lending favoured cf FILP Reform


oil + gas and metal mining resource FILPAs

FILP Reform merged National Oil Corporation with Metal Mining Agency in 2004


housing loan a secured lending market

JHLC a monopolisation led to competition policy problems FILP Reform cf JHF


New Kansai International Airport Company

MoLIT FILP boondoggle restructured with Itami and an operating lease so New


public corporation

as nihon doro kodan Japan Highway Public Corp cf FILP, FILPAs, FILP Reform

MoF TFB 1942 - 1961

first locus of public pension fund management

pension insurance to fund the War effort and then FILP post War reconstruction


Price Keeping Operation

pressure from LDP on FILP System to support TSE share prices at one point

shikin unyobu

Trust Fund Bureau created in 1885

renamed FILP Fund, zaito kikin, on launch of FILP Reform Phase II in 2001

Trust Fund Bureau

the prior MoF TFB okurasho shikin unyobu

the original source of FILP funding now the FILP Fund cf TFB, zaito kikin

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