Japan Finance Organization For Municipalities FWP Free writing prospectus

Free Writing Prospectus	Filed Pursuant to Rule 433(d)
	Registration Statement No. 333-162685

	FINAL TERM SHEET
	Dated January 6, 2011
Issuer:	Japan Finance Organization for Municipalities (JFM)
Security:	4.000% Guaranteed Bonds due January 13, 2021
Ratings:	Moody’s: Aa2/S&P: AA Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
Guarantee:	Payments of principal and interest on the bonds are unconditionally and irrevocably guaranteed by Japan.
Currency / Size:	$1,000,000,000
Denomination:	$100,000 x $100,000
Pricing date:	January 6, 2011
Settlement date:	January 13, 2011
Maturity date:	January 13, 2021
Coupon:	4.000% (Semi-Annual, 30/360)
Interest payment dates:	Every January 13 and July 13 of each year, commencing July 13, 2011 and ending January 13, 2021
Redemption price:	100%
Issue price:	99.170%
Benchmark:	2.625% due November 15, 2020
Benchmark yield:	3.417%
Spread:	68.5bp
Yield:	4.102%
Joint Lead Managers:	Merrill Lynch, Pierce, Fenner & Smith Incorporated J.P. Morgan Securities Ltd. Nomura International plc

Format:	SEC Registered
Clearing Systems:	Euroclear and Clearstream, Luxembourg (International global bond held at the common depositary); DTC (DTC global bond)
International global bond ISIN:	XS0568671555
International global bond Common Code:	056867155
DTC global bond ISIN:	US471068AA42
DTC global bond CUSIP:	471068 AA4
Use of proceeds:	The net proceeds of the issue of the bonds will be used for the repayment of previously issued government-guaranteed debt securities.
Governing law:	New York
Listing:	London Stock Exchange’s Regulated Market

You can access JFM’s most recent prospectus satisfying the requirements of Section 10 of the United States Securities Act at the following website: http://www.sec.gov/Archives/edgar/data/837335/000095012311000895/k02303e424b5.htm

Each purchaser of the bonds offered hereby will be deemed to have represented and agreed that it is a “Gross Recipient” as defined in “Underwriting” of the foregoing prospectus.

JFM has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents JFM has filed with the SEC for more complete information about JFM and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling collect to Merrill Lynch, Pierce, Fenner & Smith Incorporated at +1-800-294-1322, J.P. Morgan Securities Ltd. at +44-207-779-3130, or Nomura International plc at +44-20-7103-5652.