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Japanese

Introduction

The Fiscal Investment and Loan Program (FILP) is a system for employing public funds, pooled from such sources as postal savings and public pension insurance premiums that are backed by the institutions and credit of the nation, to achieve various policy objectives, such as social and economic development and improving the public welfare. The FILP system maintains compatibility with each fiscal year's public expenditure and monetary policies.

In that sense, the FILP can be seen as a means to implement fiscal policies with financial instruments. We have, however, heard it said that the system as a whole is difficult to understand because, in addition to deriving from various financial resources, it is a system that organically links many special accounts as well as government-guaranteed bonds. With such opinions in mind, we have compiled this booklet in an attempt to broadly introduce and explain the FILP framework and the latest data related to the program.

In compiling this booklet, focus has been given to the Ministry of Finance's Trust Fund Bureau, which plays a particularly major role in the FILP system. In addition, reference is made to discussions in recent years on unified disclosure standards applied to members of the Federation of Bankers' Associations of Japan.

Henceforth, as a meager contribution toward improving your understanding of the Fiscal Investment and Loan Program, we will try to improve future editions of this booklet by taking into account your comments and admonitions.

Financial Bureau
Ministry of Finance, Japan
October, 1997

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