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| Free Writing Prospectus | | Filed Pursuant to Rule 433(d) |
| Dated June 18, 2008 | | Registration Statement No. 333-123757 |
FINAL TERM SHEET
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| | | Dated June 18, 2008 |
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| Issuer: | | Japan Finance Corporation for Municipal Enterprises (JFM) |
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| Security: | | 1.90% Guaranteed Bonds due June 22, 2018 |
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| Rating: | | Moody’s: Aaa/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. |
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| Guarantee: | | Payments of principal and interest on the bonds are unconditionally and irrevocably guaranteed by Japan. |
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| Currency / Size: | | JPY 75,000,000,000 |
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| Denomination: | | JPY 10,000,000 x JPY 10,000,000 |
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| Pricing date: | | June 18, 2008 |
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| Settlement date: | | June 25, 2008 |
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| Maturity date: | | June 22, 2018 |
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| Coupon: | | 1.90% (Semi-Annual, Actual/365) |
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| Interest payment dates: | | Every June 22 and December 22 of each year, commencing December 22, 2008, except that the first payment of interest to be made on December 22, 2008 shall be in respect of the period from and including June 25, 2008 to, but excluding, December 22, 2008, and shall amount to ¥93,698 per ¥10,000,000 principal amount of the bonds. |
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| Redemption price: | | 100% |
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| Issue price: | | 99.900% |
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| Benchmark: | | JGB#293 |
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| Benchmark yield: | | 1.781% |
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| Spread: | | + 13 bp |
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| Yield: | | 1.911% |
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| Joint Lead Managers: | | Citigroup Global Markets Limited |
| | | Daiwa Securities SMBC Europe Limited |
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| | | Deutsche Bank AG, London Branch |
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| Co-lead Managers: | | BNP PARIBAS |
| | | Merrill Lynch International |
| | | Mizuho International plc |
| | | Nomura International plc |
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| Format: | | SEC Registered |
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| Clearing Systems: | | Euroclear and Clearstream (International global bond held at the common depositary); DTC (DTC global bond) |
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| Listing: | | London Stock Exchange |
You can access the issuer’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/837335/000114554908001057/k01531e424b5.htm
The issuer 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 the issuer has filed with the SEC for more complete information about the issuer 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 Citigroup Global Markets Limited at +44-(0)20-7986-9000, Daiwa Securities SMBC Europe Limited at +44-(0)20-7597-7689, or Deutsche Bank AG, London Branch at +1-(800)503-4611.
