Japanese government bonds are issued on the basis of the law, and may be broadly divided into "general bond" and "fiscal investment and loans programme bond". The "fiscal investment and loans programme bond" is issued to raise the fund for fiscal investment and loans, and the revenue from its sales form a part of revenue of the special account of fiscal investment and loans programme fund. Fiscal investment and loans Data are derived from "Ministry of Finance Statistics Monthly (Special Issue on National Investments and Loans)" compiled by the Ministry of Finance. "Fiscal investment and loans" represents investment and lending operations by the national government, that use capital raised through the issuance of FILP bonds, a kind of government bonds, without depending on tax revenue. FILP is a system for providing funds on the premise that the funds will be repaid, differing from subsidy and other programs for granting funds. Therefore, the fiscal investment and loan plan is a delivery plan of these specific financial resources to the destinations mentioned above, but does not show the whole financial plans of the organs receiving these financial resources nor the total amount of the government loans and investments. However, the fiscal investment and loans occupy a considerable weight in the financial activities of the nation together with the national budget, so that it is required to submit the plan to the Diet and obtain approval. "Receipts and payments of the treasury funds with the private sector" is based on the "national treasury balance with the private sector," which may cause fluctuations of the money supply, and adjusted as follows. <1> Adjustment is made for the time lag (caused by the deposits of the agents, etc.) between the actual receipts or payments of cash in the national treasury against the private sector and the listing of the corresponding transactions on the national treasury balance. <2> Added are the receipts and payments of the organizations, such as Japan Finance Corporation, whose cash has similar characteristics as the cash in the national treasury. Thereby, the "Receipts and payments of the treasury funds with the private sector" covers all the receipts and payments with the private sector and clarifies their influence on the fluctuation of money supply. Local bonds The expenses financed by local bonds are limited to those needed for public enterprises, investments and loans, conversion of local bonds, expenses for disaster relief, and expenses for construction of public facilities, etc., and for the issuance of the bonds, it is required as a rule to consult the Minister for Internal Affairs and Communications or the governor of the prefecture. Undertakings to be financed by the general account bond may be public works, educational or welfare facilities improvement, remote or depopulated area development, etc. and those financed by the public enterprise bond may be water works, transport works, hospital and care services, etc. Receipts and payments of the treasury funds with the private sector The source of the statistics is the special issue of the "Ministry of Finance Statistics Monthly" featuring "National Treasury Balance" published by the Ministry of Finance every year. National properties National properties are those as prescribed by the National Property Act. As a rule, they are registered in the national property ledger, but the following properties are treated as exceptions and excluded from the registration: <1> properties for public use, such as roads, rivers, and beaches other than parks and open spaces, and <2> ordinary properties belonging to the general account, those let out for the use of prefectural roads or shi (cities), machi (towns) and mura (villages) roads. In principle, national properties are registered in the ledger based on their acquisition prices, but these values are revised every fiscal year in order to keep up with fluctuations in prices, etc. 5 Public Finance 135
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