CHRONOLOGY

1995 MoF realises private + public sector NPLs continue to snowball FILP + Local Government Reform launched
1953 FILP Budgets as 'government expenditure without taxation' launch a co-ordinated infrastructure reconstruction
1952 Kishi' Manchuria II Plan of co-ordinated post War recovery with minimum resort to forex loans via FILP funding
1716 Yoshimune Tokugawa launches Kyoho Reform of national economy beginnings of what becomes FILP 1953

 

GLOSSARY

FILP 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
FILP Fund 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
FILPABs FILP Agency Bonds zaito kikansai substantially FILPBs formally FILP Agency straight bonds cf FILP Reform
FILPBs FILP Bonds zaitosai substantially JGBs for refinancing FILP Fund formally not cf FILP Reform
jigyodan 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
zaitosai FILP Bonds FILPBs 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
GGBs Government Guaranteed Bonds seifu hoshosai class of bonds issued by FILP agencies frequently the forex tranches
IAI Independent Administrative Institute UK public agency model for FILP Reform process cf dokuritsu gyosei hojin
JBIC Japan Bank for International Co-operation prior Exim Bank and OECF clumsily consolidating FILP activities overseas
JFM Japan Finance Organisation for Municipalities the prior FILP Agency was put into local authority ownership in 2008
JHLC Japan Housing Loan Corporation JHLC wound down to JHF and bank mortgage lending favoured cf FILP Reform
JOGMEC (= JNOC + MMAJ) oil + gas and metal mining resource FILPAs FILP Reform merged National Oil Corporation with Metal Mining Agency in 2004
jutakuron housing loan a secured lending market JHLC a monopolisation led to competition policy problems FILP Reform cf JHF
KIAC New Kansai International Airport Company MoLIT FILP boondoggle restructured with Itami and an operating lease so New
kodan 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
PKO 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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