This report does not constitute a rating action. JHF RMBS transactions JHF series 1 to 219 residential mortgage-secured pass-through notes JHF series T-1 to T-9 residential mortgage-secured pass-through notes JHF--Japan Housing Finance Agency. Delinquency and replacement/withdrawal rates have been rising since 2022. Even so, they remain quite low. The overall Japan Housing Finance Agency (JHF) series pool's (see Appendix) performance also remains relatively stable. As of September 2025, S&P Global Ratings forecasts inflation of around 2%-3% through 2028. Though spring negotiations achieved wage hikes for two consecutive years, inflation has outpaced increases and real wage growth remains negative. Increased economic stress could have a larger impact on performance of underlying loans, such as higher delinquency rates. But as inflation has
