In 1979, Local Governments throughout Japan together created the Japan Local Government Bond Association, a public corporation. The body was created to support efficient management of local finances and stable funding, and offers services including research analysis, data collection, and educational support. JLGBA also supports relations between Local Governments and financial institutions, as well as investors.

One of our priorities is sharing information on Japanese Local Government Bonds with investors from around the world. We hope to deepen investors' understanding of the Japanese Local Government Bond system, issuance, and issuer credit. Our English website is an important part of that goal. Here, we present the JLGBA and hope visitors will leave with a clearer understanding of JLGBA operations.

In the year 2008, the tax exemption scheme for non-residents and foreign corporations was introduced, and today we can see them investing in the Local Government Bond market. From June.1.2010 the tax exemption scheme shall be simplified and the scope of non-taxable bonds, non-taxable entities shall be widened. We expect this reform will help to vitalize the Local Government Bond market furthermore.

It is my hope that this English-language website is helpful in deepening global investors' understanding of Japanese Local Government Bonds.

Hiroshi Arioka
President,
Japan Local Government Bond Association