This report does not constitute a rating action. Japan's government-related entities that we rate will retain high policy importance, with some becoming even more pivotal. They are key policy implementers as the government expands investments to foster growth strategies and economic security. The government has set out to strengthen investment in growth and crisis management. In its record-breaking budget request for fiscal 2027, it has established the new"Strong and Prosperous Japan"investment framework, aiming to expand investment in priority areas like AI, semiconductors, and economic security. In the Fiscal Investment and Loan Program, some rated government-related entities (GREs) with strong links to growth strategies and priority policies have asked for increased funding, further elevating their roles as policy implementation
