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About JBIC
About JBIC

This page introduces information on JBIC's role and organization.


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JBIC offers a range of financial products and other services to our clients.


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Information about JBIC's activities in each business area and its efforts for environmental conservation.


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Industry Finance Group

Photo of Managing Executive Director, Global Head of Industry Finance Group

Japan and the world are in an uncertain and difficult situation due to problems such as the world divided by emerging geopolitical risks, including the U.S.-China confrontation and the Russian Invasion of Ukraine, as well as climate change, food shortages, semiconductor shortages, raw material price surges and accelerated inflation on a global basis. In a complicated world like this, Japanese companies face extremely difficult challenges, for example, to rebuild stable supply chains including securing semiconductors that are indispensable in many industries and to realize a decarbonized society where companies can earn profits while preventing global warming. In order to overcome such challenges, the role of the financial sector including JBIC has become increasingly important.

Based on this awareness, the Industry Finance Group works to maintain and improve the international competitiveness of Japanese industry. To this end, we discern the needs of Japanese industry, and by actively taking risks, strengthen support for enhancing the resilience and rebuilding of global supply chains of Japanese companies, support for overseas M&As to acquire next-generation technology, and support for projects that contribute toward global warming prevention through green finance. I would like to find the optimal solutions to these challenges together with Japanese companies.

SASAKI Satoshi
Managing Executive Director
Global Head of Industry Finance Group

Business Environment and Key Challenges

Highly Uncertain Business Environment

The Japanese economy has been on a gradual recovery path from the slump due to the influence of COVID-19 after 2020. On the other hand, there are growing uncertainties and downward risks to the global economy, because of rising raw material prices and soaring worldwide inflation in addition to geopolitical risks, such as Russian invasion of Ukraine and the U.S.-China confrontation. Under these circumstances, Japanese companies continuously face highly uncertain business environment due to factors such as rising financing costs driven by higher interest rates, especially in the U.S., and a slowdown in demand due to weaker yen.

The Survey Report on Overseas Business Operations by Japanese Manufacturing Companies JBIC released in December 2022 revealed that global inflation has a widespread impact on business activity. When asked about shock factors affecting production activities, the most common response was “increased production and transportation costs.” With regard to the importance of geopolitical risk in business strategy, a total of 85% of responding companies answered that geopolitical risk was either ‘very significant’ or ‘significant,’ regardless of which country or region the companies have their production bases in. Thus, the survey results shows that the rising prices and geopolitical risk are the significant factors that affect the overseas business expansion by Japanese companies.

Rebuilding Supply Chains and Creating New Business Opportunities Overseas through DX and GX

We are facing a growing risk of supply chain breakdown due to increasing geopolitical risks in addition to infectious diseases and natural disasters. Against this backdrop, companies need to rebuild supply chains for stable procurement of raw materials, by taking measures such as diversifying suppliers and bringing production bases back to Japan.

Globally, governments have promoted investments in digital transformation (DX): the U.S. enacted the CHIPS Act*1 in August 2022, while the European region has taken the move to pass the European CHIPS Act. The semiconductor technology is becoming increasingly important as the core of DX in many sectors. In Japan, too, the government revised the Strategy for Semiconductors and the Digital Industry in June 2023, in order to accelerate the initiatives related to semiconductors and storage batteries and comprehensively promote measures to develop an advanced telecommunication infrastructure, such as building a data processing infrastructure considering the possibility of spread of generative AI as well as dispersing the locations of data centers.

Additionally, as a result of growing awareness of climate change and accelerated initiatives toward realization of a decarbonized society, governments, especially in the U.S. and Europe, have set the green transformation (GX) agenda, which aims to achieve both emission reduction and economic growth. To name a few, the Inflation Reduction Act was enacted in August 2022 in the U.S., and the European Green Deal was enacted and the NextGenerationEU recovery instrument was established in Europe. Under the agenda, government-led investments in GX along with DX have been accelerated in these regions. In Japan, the GX Promotion Act was enacted in June 2023 with the aim of fulfilling the international commitment while simultaneously achieving higher competitiveness and economic growth of Japanese industry. The government also plans to provide support for advance investment by issuing GX Economy Transition Bonds and to implement the growth-oriented carbon pricing scheme.

As new investment opportunities are created on the back of the trend of government-led DX and GX projects mainly in the U.S. and Europe, as well as rebuilding of supply chains, Japanese companies also utilize M&As and capital investments to continuously expand their businesses overseas. For overseas M&A deals by Japanese companies in 2022, the value has dropped from 2021 but the number remained almost unchanged at 625 (Figure 1). This result indicates that Japanese companies have continued expanding business overseas, by making small investments to avoid risks under the uncertain business environment. Japanese companies are regaining appetite for overseas business expansion. According to FY2022 JBIC Survey Report on Overseas Business Operations by Japanese Manufacturing Companies, the overseas sales ratio estimated for FY2022, and the overseas production ratio estimated in the medium-term plan (as of 2025) are expected to recover to near the pre-Covid 19 pandemic levels. Going forward, it is expected that Japanese companies will expand their businesses through DX and GX investments and maintain overseas business operations by utilizing M&As.

Figure 1
  1. *1
    CHIPS Act (Creating Helpful Incentives to Produce Semiconductors and Science Act) is intended to support the development and production of semiconductors in the U.S. as well as the investments in advanced technologies such as quantum computing and artificial intelligence (AI).

Overseas Business Deployment of Mid-tier Enterprises and SMEs

Japanese mid-tier enterprises and SMEs have limited human resources and funds compared to large companies. Their overseas business deployments are more susceptible to supply chain disruptions and breakdowns against a backdrop of increasing geopolitical risks, as well as rising funding costs due to higher interest rates, especially in the U.S. And therefore, they must take measures to these issues.

With the trend of global supply chain restructuring, mid-tier enterprises and SMEs relocated plants to third countries in Asia, such as Vietnam and India, for the purpose of breaking dependence on China and diversifying supply chains. Also, raising funds denominated in an Asian currency such as Thai baht enabled them to avoid U.S. dollar-denominated loans, as interest rates remain high in the U.S. Also, despite weaker yen, they have increased capital spending on the back of strong demand recovery after the pandemic and have made investments in equipment focusing on the trend of GX in many industry sectors such as investment in photovoltaic power generation for factory.

According to the FY2022 survey, 56.5% of mid-tier enterprises and SMEs chose to “Strengthen/expand” their overseas businesses. This shows they recognize the importance of continued strengthening and expanding their overseas business deployment even under this uncertain global economic environment (Figure 2). As the responses to the pandemic have been settled, Japanese mid-tier enterprises’ and SMEs’ activities pertaining to overseas business operations are expected to be maintained and grow.

Figure 2

JBIC’s Activities

Supporting Japanese Companies’ Overseas Business Expansion through Various Methods

In the Fourth Medium-term Business Plan, JBIC designated “Execute policy-based finance functions that are adopted to changes in the economic situation” and “Support the strengthening of the international competitiveness of Japan’s industries in the era of industrial and social transformation” as the key focus areas. In January 2021, JBIC established the Post-Covid-19 Growth Facility. With the purpose of transforming the economic structure and realizing a virtuous circle for the post-COVID-19 era, JBIC helped Japanese companies to address the strengthening of resilience and rebuilding global supply chains and supported their overseas M&As. In July 2022, JBIC established the Global Investment Enhancement Facility (Deadline for signing a financing agreement: June 30, 2025) as the successor to the Post-Covid-19 Growth Facility. To help the strengthening of resilience and rebuilding of global supply chains of Japanese companies under the facility, JBIC provided support for such as the manufacturing and sales business of surface processed steel sheets in Türkiye, the manufacturing and sales business of car skeleton parts in Canada, the automobile manufacturing business in Indonesia through local currency denominated financing, the automotive parts development, manufacturing, and sales business in Europe, all of which are conducted by Japanese companies. JBIC also provided Japanese companies with funds to acquire companies such as a U.S. anime distribution platform operator and a U.S. innovator of metal oxide photoresist development and manufacturing, in order to support overseas M&A to acquire next- generation technology. In addition, as an initiative for green finance and transition finance, JBIC provided a Japanese company with a loan for manufacturing and sales business of carboxymethyl cellulose for lithium-ion batteries in Hungary.

JBIC’s efforts to contribute toward maintaining and improving the international competitiveness of Japanese companies continued in the maritime and aviation industries as well. These industries are addressing to achieve a decarbonized society and to change their strategies for the recovery from the pandemic. Concretely speaking, some companies are using the most advanced ships in compliance with environmental regulations and promoting development to introduce ships with new fuel systems, some are facilitating efforts to introduce fuel-saving aircraft materials, and others are expanding their businesses by enlarging fleet in line with the recovery of post-pandemic passenger demand. Under these circumstances, JBIC provided guarantees for transition-linked loans for airplanes which a Japanese airline company purchased from overseas. The loans are a financial instrument where variable conditions, such as interest rate, apply depending on the borrower’s level of achievement toward a goal of CO2 emissions reduction, and the first of its kind extended from private financial institutions to a Japanese airline company. Also, by providing a Japanese company with the funds to acquire an aircraft leasing company, JBIC supports it to further expand the aircraft leasing business overseas and obtain profit-earning opportunities.

Supporting Overseas Business Deployment of Mid-tier Enterprises and SMEs

JBIC has enhanced its capability to assist Japanese mid-tier enterprises and SMEs in expanding abroad through its business units dedicated to this purpose at its Head Office and Osaka Branch. In FY2022, companies refrained from overseas investments compared to pre-COVID-19 period, as the geopolitical risks have become apparent such as supply chain disruptions and Russian invasion of Ukraine. However, in close collaboration with such organizations as regional financial institutions, JBIC made a total of 64 financial commitments to mid-tier enterprises and SMEs in loans and guarantees, for projects of capital investment or relocation which led to supply chain restructuring and environment investment projects in anticipation of GX, such as solar power generation systems.

In addition, JBIC supported mid-tire enterprises and SMEs in expanding business overseas by providing loans in local currencies, such as Thai baht, Indonesia rupiah, Indian rupee, and Chinese yuan to avoid U.S. dollar-denominated loans as interest rates remain high in the U.S. Furthermore, JBIC will actively support initiatives by startups which shape the future of Japan and the world, in accordance with the agreement on the “Platform for unified support for startups (Plus)” signed by nine incorporated administrative agencies in November 2022.

Compared with larger companies, mid-tier enterprises and SMEs might face greater constraints on various fronts, such as the collection of information about overseas investment. Due to this, JBIC provides further detailed support to mid-tier enterprises and SMEs by offering various information such as on the overseas investment environment and holding seminars utilizing its overseas representative offices and individual consultation meetings, while strengthening partnerships with public institutions, economic organizations, agencies that support SMEs and overseas business deployment as well as regional financial institutions that serve as a major financing source for those companies.

Responding to the Diverse Needs of and Crises Faced by Japanese Companies

Regarding overseas business deployment, fewer Japanese companies emphasize the strengthening of business in China, considering the personnel costs rising along with the economic growth and the business risks increasing due to the U.S.-China confrontation, while more companies have become interested in emerging countries such as Vietnam and India. Moreover, many companies are facing the necessity of reviewing, rebuilding, and optimizing of global supply chains, against a backdrop of global shortage of strategic goods, such as semiconductors. JBIC, while accurately responding to these changes, to trends in the global economy, and to the funding needs of Japanese companies, continues to provide support to maintain and improve the international competitiveness of Japanese industry, utilizing its Global Investment Enhancement Facility.

The Industry Finance Group will continue to provide support in accordance with the issues faced by numerous Japanese companies large and small, including mid-tier enterprises and SMEs. We will accurately grasp issues and needs of Japanese companies and will strive by multiple means including capitalizing on various financial instruments and enhancing our risk-taking capability to contribute toward exploring and creating new business opportunities for Japanese companies that can lead to Japan’s sustainable growth. This includes addressing global issues and providing support for enhancing supply chain resilience and acquiring technology through M&As for the DX of Japanese companies, as prescribed in the Fourth Medium-term Business Plan. By doing so, we will continue to play a role in connecting Japan to the world.

Notable Examples of JBIC’s Financial Support

Loan for Acquisition of U.S. Company Inpria Corporation by JSR Corporation

Supporting Overseas M&A by Japanese Company in Semiconductor Sector

JBIC concluded a loan agreement with JSR Corporation (JSR). The loan is intended to finance part of the funds necessary for JSR to acquire U.S. company Inpria Corporation (Inpria). Inpria is an innovator of metal oxide photoresist*1 design, development, and manufacturing for extreme ultraviolet (EUV) lithography*2. The semiconductor industry is moving to smaller critical dimensions in chip manufacturing, for which next- generation EUV lithography and high-quality photoresist technologies are essential, and Inpria’s metal oxide photoresists have achieved the world’s highest resolution. Through the acquisition of Inpria, JSR aims to become a photoresist manufacturer that is equipped with next-generation semiconductor technology scaling toward “beyond 2 nm.” The loan will support the overseas business expansion of JSR, thereby contributing toward maintaining and improving the international competitiveness of Japanese industry.

  1. *1
    Among high-quality photoresists for next-generation extreme ultraviolet (EUV) lithography, metal oxide photoresists have achieved the world’s highest resolution.
  2. *2
    EUV technology uses EUV light, which has a wavelength of 13.5 nm and is essential in chip manufacturing.

Loan to Singaporean Subsidiary of Mitsui Chemicals Inc. for TAFMER™ Manufacturing and Sales Business

Supporting Overseas Business Expansion of Japanese Chemical Manufacturer
Photo of TAFMER manufacturing plant in Singapore TAFMER™ manufacturing plant in Singapore (Photo courtesy of MELS)

JBIC concluded a loan agreement with Mitsui Elastomers Singapore Pte. Ltd. (MELS), a Singaporean subsidiary of Mitsui Chemicals, Inc. (Mitsui Chemicals). The loan is intended to finance the funds necessary for MELS to manufacture and sell TAFMER™*1. TAFMER™ that MELS manufactures and sells is a flexible, light plastic resin. It is used in a wide range of fields, including for automotive parts, packaging materials, sporting goods, and in recent years for clean energy- related parts. As the introduction of clean energy is drawing attention globally for the realization of a decarbonized society, Mitsui Chemicals aims to enhance MELS’s production capacity to meet the growing demand. The loan will support such overseas business expansion of Mitsui Chemicals, thereby contributing toward maintaining and improving the international competitiveness of Japanese industry.

  1. *1
    TAFMER™ is a registered trademark of Mitsui Chemicals.

Loan for Acquisition of Aircraft Leasing Company by SMBC Aviation Capital Limited under Auspices of Sumitomo Mitsui Finance and Leasing Company, Limited

Supporting Overseas M&A of Japanese Company
Photo of An artist’s rendering of SMBCAC’s narrowbody aircraft An artist’s rendering of SMBCAC’s narrowbody aircraft (Courtesy of SMBCAC)

JBIC concluded a loan agreement with Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL) to finance part of the funds necessary for SMBC Aviation Capital Limited (SMBCAC) of Ireland, which is under the auspices of SMFL, to acquire Goshawk Management Limited of Ireland.

SMBCAC, an aircraft leasing company, does business extensively with airlines around the world and its aircraft lease portfolio consists mostly of highly liquid and environment-friendly narrowbody aircraft. SMFL sees the aircraft leasing business as an important growth area and aims to expand it in the global market. Through this acquisition, the company aims to achieve a sustainable growth of the business and grasp more profit-earning opportunities, by strengthening the presence of SMBCAC in the industry and capturing the aircraft demand which is expected to grow rapidly in the future.

The loan provides the long-term foreign currency funds necessary for the overseas M&A by the SMFL group company and financially supports the overseas business expansion of the Japanese company.

Loan for Acquisition of Suntory Coffee Australia Limited by UCC Holdings Co., Ltd.

Supporting Overseas M&A of Japanese Company
Photo of Preston Factory, a key plant in Australia Preston Factory, a key plant in Australia (Photo courtesy of UCCHD)

JBIC concluded a loan agreement with UCC Holdings Co., Ltd. (UCCHD). The loan is intended to finance the funds necessary for UCCHD to acquire Suntory Coffee Australia Limited (SCA) through UCC ANZ MANAGEMENT PTY LTD, an Australian subsidiary of UCCHD.

UCCHD operates coffee business encompassing every aspect of coffee “from cup to seed,” including cultivating seedling on company- operated estates, agricultural research in the countries of production, quality assurance, raw ingredient procurement, R&D, manufacturing, and sales.

With a steady growth of coffee demand expected in Oceania, UCCHD decided to acquire SCA, which has the business foundation for professional- use coffee and specialty coffee in the region.

The loan will support the overseas business expansion of UCCHD, thereby contributing toward maintaining and improving the international competitiveness of Japanese industry.

Loan for Acquisition of U.S. Company by AIR WATER INC.

Supporting Overseas M&A of Japanese Company
Photo of Noble Gas Solutions, LLC Noble Gas Solutions, LLC (Photo courtesy of AIR WATER)

JBIC concluded a loan agreement with Air Water America Inc. (AWAI), a U.S. subsidiary of AIR WATER INC. The loan is intended to finance, through AWAI, part of the funds necessary for AIR WATER to acquire U.S. company Noble Gas Solutions, LLC (NGS).

AIR WATER founded AWAI as its U.S. headquarters company in 2018, aiming to build an integrated supply chain from upstream to downstream of industrial gas in North America, as the demand for industrial gas is expected to solidly increase in the region, particularly in the electronics sector. Thus, the company decided to acquire NGS, which had a gas distribution network in the State of New York. Through this acquisition, AIR WATER aims to expand its business in North America by using NGS’s sales network and infrastructure.

The loan will support AIR WATER’s overseas business expansion, thereby contributing to maintaining and improving the international competitiveness of Japanese industry.

Introduction of the Finance Groups