Japan Finance Organization For Municipalities 18-K Annual report (foreign governments)

Exhibit 4(e)

CERTIFICATE

     We, attorneys-at-law, do hereby certify that attached hereto are true and correct English translations of the following law, order, excerpts from law and statement and that the following law, order and excerpts are in full force and effect as of the date hereof:

(a)	Japan Finance Corporation for Municipal Enterprises Law (Law No. 83 of April 27, 1957);
(b)	Cabinet Order for Japan Finance Corporation for Municipal Enterprises Law (Cabinet Order No.79 of April 27, 1957);
(c)	Excerpts from Law Concerning Special Measures with Respect to Acceptance of Foreign Capital from International Bank for Reconstruction and Development, etc. (Law No.51 of July 4, 1953) (Art.2, par.2 and par.3 of Art.3, par.1 of Art.5 and par.2 of Supplementary Provisions);
(d)	Statement of Business Procedures of Japan Finance Corporation for Municipal Enterprises (June 1, 1957) (Amended as of April 1, 2006); and
(e)	Statement of business procedures of Japan Finance Corporation for Municipal Enterprises.

     IN WITNESS WHEREOF, we have hereunto set our hand this 26th day of September, 2006.

NAGASHIMA OHNO & TSUNEMATSU

/s/ Nagashima Ohno & Tsunematsu