This report does not constitute a rating action. Overview Key strengths Key risks Japan's only public finance agency specialized in residential mortgage financing Susceptibility to government policy Integral links with the government Declining share of the housing loan market Very high capital ratio More relaxed underwriting standards than private lenders, reflecting its policy role Japan Housing Finance Agency (JHF) is the only government-related entity in Japan that supports provision of long-term fixed-rate housing loans mainly through securitization. Through housing loans, JHF promotes national policies, such as disaster recovery and prolonging the life of homes, and plays a role in national parenting support measures. As of the end of March 2025, JHF maintained a stable share of approximately 9% of the
