Japan promotes local gov't bonds as safe asset in London seminar+
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[October 07, 2008]

Japan promotes local gov't bonds as safe asset in London seminar+

(Japan Economic Newswire Via Acquire Media NewsEdge) LONDON, Oct. 7_(Kyodo) _ The Japanese government promoted sales of bonds issued by Japan's local governments in a seminar in London on Monday, saying they are a safe asset for investment amid the financial turmoil, participants said.



The Ministry of Internal Affairs and Communications and the Japan Local Government Bond Association organized the event, calling for foreign investors to consider Japan's local government bonds as an alternative investment vehicle.

The outstanding balance of local government bonds stood at about 199 trillion yen as of the end of March 2008.


Officials from the Shizuoka prefectural government as well as those from the Kyoto and Kawasaki municipal governments attended the seminar and assured the audience of the financial health of their fiscal management.

Local governments are seeking to secure medium- and long-term funds through the issuance of bonds as a series of administrative and fiscal reforms by the central government have reduced financial support for local governments.

During the event, participants showed interest in local government bonds, asking how they can keep track of price movements and whether local governments in Japan prepare their financial statements according to unified accounting standards.

The ministry is planning to hold similar seminars in Germany and France through Oct. 11.

Copyright ? 2008 Kyodo News International, Inc.

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