Obbligazione Japan International Cooperation Bank 1.125% ( XS0805183828 ) in USD

Emittente Japan International Cooperation Bank
Prezzo di mercato 100 USD  ▲ 
Paese  Giappone
Codice isin  XS0805183828 ( in USD )
Tasso d'interesse 1.125% per anno ( pagato 2 volte l'anno)
Scadenza 19/07/2017 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Japan Bank for International Cooperation XS0805183828 in USD 1.125%, scaduta


Importo minimo 200 000 USD
Importo totale 2 000 000 000 USD
Descrizione dettagliata La Japan Bank for International Cooperation (JBIC) è un'istituzione finanziaria governativa giapponese che fornisce finanziamenti e investimenti per progetti di sviluppo e cooperazione internazionale.

The Obbligazione issued by Japan International Cooperation Bank ( Japan ) , in USD, with the ISIN code XS0805183828, pays a coupon of 1.125% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 19/07/2017







PROSPECTUS SUPPLEMENT TO SEC BASE PROSPECTUS DATED
July 2, 2012
$2,000,000,000
Japan Bank for International Cooperation
(Incorporated under the Japan Bank for International Cooperation Act)
1.125% Guaranteed Bonds Due July 19, 2017
Unconditionally and Irrevocably Guaranteed
as to Payment of Principal and Interest by
Japan
We will pay interest on the bonds semi-annually in arrears in equal payments on January 19 and July 19 of each year, commencing
January 19, 2013. The bonds will mature on July 19, 2017. We may redeem all, but not less than all, of the bonds in the event of certain tax law
changes. The redemption terms are described in this prospectus supplement dated July 12, 2012 (this "Supplement") under "Description of the
Bonds and Guarantee--Redemption". The bonds will be issued only in registered form in denominations of $200,000 and integral multiples of
$1,000 in excess thereof. See "Description of the Bonds and Guarantee".
As provided under the heading "Luxembourg Stock Exchange Approved Prospectus" on page S-4 of this Supplement, subject to
approval by the Luxembourg Stock Exchange, certain parts (but not all) of this Supplement and the accompanying prospectus dated July 2,
2012 starting after page A-II-25 (the "SEC Base Prospectus"), as well as the documents incorporated by reference into this Supplement or the
SEC Base Prospectus, constitute a "prospectus" for the purposes of the Luxembourg Act dated July 10, 2005 relating to prospectuses for
securities (the "Luxembourg Act"). The parts of this Supplement and the SEC Base Prospectus and those documents incorporated by
reference into this Supplement that together constitute a "prospectus" for the purposes of the Luxembourg Act are referred to herein as the
"LSE Approved Prospectus" and are identified on page S-4 of this Supplement under the heading "Luxembourg Stock Exchange Approved
Prospectus."
Application has been made to admit the bonds to the official list of the Luxembourg Stock Exchange and application has been made to
admit the bonds to trading on the Luxembourg Stock Exchange's Euro MTF Market (the "Euro MTF Market"). The Euro MTF Market is not
a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial
instruments. References in this prospectus to the bonds being "listed" (and all related references) shall mean that the bonds have been
admitted to the official list of the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market.
Our credit ratings have been issued by Moody's Japan K.K. ("Moody's") and Standard & Poor's Ratings Japan K.K. ("S&P"), neither of
which are established or registered in the European Union and neither of which are registered under Regulation (EC) No. 1060/2009 of the
European Parliament and of the Council of September 16, 2009 on credit rating agencies (the "CRA Regulation"), but such credit ratings have
been endorsed by Moody's Investors Service Ltd. ("Moody's Europe") and Standard & Poor's Credit Market Services Europe Limited ("S&P
Europe"), respectively, each of which is an entity established in the European Union and registered under the CRA Regulation. Under the
CRA Regulation, certain investors may generally only use a credit rating for regulatory purposes in the European Union if the credit rating is
issued by a credit rating agency in the European Union and registered in accordance with the CRA Regulation (or is endorsed and published
or distributed by subscription by such a credit rating agency in accordance with the CRA Regulation), unless the credit rating is issued by a
credit rating agency operating in the European Union before June 7, 2010 which has submitted an application for registration under the CRA
Regulation that has not been refused.
Neither the United States Securities and Exchange Commission (the "Commission") nor any other regulatory body has approved
or disapproved of these securities or passed upon the accuracy or adequacy of this Supplement or the SEC Base Prospectus. Any
representation to the contrary is a criminal offense.
Prospective investors should consider carefully the factors described under the section headed "Risk Factors" in this
Supplement.
Per Bond
Total
Price to Public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.647%
$1,992,940,000
Underwriting Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.125%
$
2,500,000
Proceeds, before expenses, to JBIC(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.522%
$1,990,440,000
(1) Plus accrued interest, if any, from July 19, 2012, if settlement occurs after that date.
(2) See "Underwriting".
The underwriters are offering the bonds subject to various conditions. The underwriters expect to deliver the bonds through the book-
entry facilities of The Depository Trust Company ("DTC"), Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société
anonyme ("Clearstream"), against payment on or about July 19, 2012.
BofA Merrill Lynch
HSBC
Prospectus Supplement dated July 12, 2012.


TABLE OF CONTENTS
Supplement
Page
Foreign Exchange Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-6
Incorporation by Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-7
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-8
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-10
Summary Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-12
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-29
Description of the Bonds and Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-29
Global Clearance and Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-36
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-39
Validity of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-41
Authorized Agents in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-41
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-42
Annex I: Unaudited Notes to Certain Financial Information for Period Ended March 31, 2010 . . . . . . . . .
A-I-1
Annex II: Unaudited Notes to Certain Financial Information for Period Ended March 31, 2011 . . . . . . . .
A-II-1
SEC Base Prospectus
About This Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ii
Where You Can Find More Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Japan Bank for International Cooperation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Description of the Debt Securities and Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54
Authorized Agents in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
Validity of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
Further Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
S-2


The bonds have not been and will not be registered under the Financial Instruments and Exchange
Act of Japan (Act No. 25 of 1948, as amended) and the bonds are subject to the Act on Special Measures
Concerning Taxation of Japan (Act No. 26 of 1957, as amended). The bonds may not be offered or sold in
Japan or to, or for the benefit of, residents of Japan or Japanese corporations, except pursuant to an
exemption from the registration requirements of, and otherwise in compliance with, the Financial
Instruments and Exchange Act of Japan and any other applicable laws, regulations and ministerial
guidelines of Japan (see "Underwriting" below). Among other restrictions, the bonds are not, as part of the
initial distribution at any time, to be directly or indirectly, offered or sold to, or for the benefit of, any
person other than a Gross Recipient. A "Gross Recipient" for this purpose is (i) a beneficial owner that is,
for Japanese tax purposes, neither (x) an individual resident of Japan or a Japanese corporation, nor (y)
an individual non-resident of Japan or a non-Japanese corporation that in either case is a person having a
special relationship with JBIC (that is, in general terms, a person who directly or indirectly controls or is
directly or indirectly controlled by, or is under direct or indirect common control with, JBIC) as described
in Article 6, Paragraph (4) of the Act on Special Measures Concerning Taxation of Japan (a "Specially-
Related Party of JBIC"), (ii) a Japanese financial institution, designated in Article 3-2-2, Paragraph (29) of
the Cabinet Order relating to the Act on Special Measures Concerning Taxation of Japan (Cabinet Order
No. 43 of 1957, as amended; the "Cabinet Order") that will hold bonds for its own proprietary account or
(iii) an individual resident of Japan or a Japanese corporation who will receive interest payments on the
bonds through a payment handling agent in Japan as defined in Article 2-2, Paragraph (2) of the Cabinet
Order. BY SUBSCRIBING FOR THE BONDS, AN INVESTOR WILL BE DEEMED TO HAVE
REPRESENTED IT IS A GROSS RECIPIENT.
In addition, interest payments on the bonds will generally be subject to Japanese withholding tax
unless it is established that bonds are held by or for the account of a beneficial owner that is (i) for
Japanese tax purposes, neither (x) an individual resident of Japan or a Japanese corporation, nor (y) an
individual non-resident of Japan or a non-Japanese corporation that in either case is a Specially-Related
Party of JBIC, or (ii) a designated Japanese financial institution described in Article 6, Paragraph (9) of
the Act on Special Measures Concerning Taxation of Japan which complies with the requirement for tax
exemption under that paragraph.
You should rely only on the information contained or incorporated by reference in this Supplement
and the SEC Base Prospectus and, for the purposes of the LSE Approved Prospectus, the documents
incorporated by reference therein. We have not authorized anyone to provide you with different
information. We are not making an offer of these securities in any jurisdiction where the offer is not
permitted. You should not assume that the information contained in or incorporated by reference in the
LSE Approved Prospectus or otherwise in this Supplement or the SEC Base Prospectus is accurate as of
any date other than the date on the front page of this Supplement or, with respect to information
incorporated by reference, as of the date of such information.
In this Supplement, "we", "our", "us" and "JBIC" refer to Japan Bank for International
Cooperation.
The spot buying rate for U.S. dollars quoted on the Tokyo foreign exchange market on July 11, 2012, as
reported by The Bank of Japan at 5:00 p.m., Tokyo time, was ¥79.32 = $1.00, and the noon buying rate on
July 6, 2012 for cable transfers in New York City payable in yen, as reported by the Federal Reserve Bank of
New York, was $1.00 = ¥79.61.
References in this Supplement to Japanese fiscal years ("JFYs") are to 12-month periods commencing in
each case on April 1 of the year indicated and ending on March 31 of the following year. References to years not
specified as being JFYs are to calendar years. References to "¥"or "yen" are to Japanese yen and references to
"$" are to U.S. dollars.
IN THE UNITED KINGDOM, THIS SUPPLEMENT AND THE SEC BASE PROSPECTUS ARE
FOR DISTRIBUTION ONLY TO PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN
S-3


MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN ARTICLE 19(5) OF THE
FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS
AMENDED (THE "ORDER") OR (II) ARE PERSONS WHO FALL WITHIN ARTICLE 49(2)(A)-(D) OF
THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT
PERSONS"). IN THE UNITED KINGDOM THIS SUPPLEMENT AND THE SEC BASE PROSPECTUS
AND ANY OF THEIR CONTENTS IS DIRECTED ONLY AT RELEVANT PERSONS AND MUST NOT
BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. IN THE
UNITED KINGDOM, ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
SUPPLEMENT AND THE SEC BASE PROSPECTUS RELATE IS AVAILABLE ONLY TO
RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.
IN CONNECTION WITH THE ISSUE OF THE BONDS, MERRILL LYNCH, PIERCE, FENNER &
SMITH INCORPORATED (THE "STABILIZING MANAGER") (OR ANY PERSONS ACTING ON
BEHALF OF THE STABILIZING MANAGER) MAY OVER-ALLOT BONDS OR EFFECT
TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE BONDS AT A
LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS
NO ASSURANCE THAT THE STABILIZING MANAGER (OR PERSONS ACTING ON BEHALF OF
THE STABILIZING MANAGER) WILL UNDERTAKE STABILIZATION ACTION. ANY
STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE
PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE BONDS IS MADE AND, IF
BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF
30 DAYS AFTER THE ISSUE DATE OF THE BONDS AND 60 DAYS AFTER THE DATE OF THE
ALLOTMENT OF THE BONDS. ANY STABILIZATION ACTION OR OVER-ALLOTMENT MUST
BE CONDUCTED BY THE RELEVANT STABILIZING MANAGER (OR PERSONS ACTING ON
BEHALF OF THE STABILIZING MANAGER) IN ACCORDANCE WITH ALL APPLICABLE LAWS
AND RULES.
Pursuant to the Japan Bank for International Cooperation Act (the "JBIC Act"), which was passed into law
on April 28, 2011, on April 1, 2012, Japan Finance Corporation (the "Predecessor") spun off two of its
operations: (i) the Japan Bank for International Cooperation Operations (the "JBIC Operations") and (ii) the
Financial Operations for Facilitating Realignment of United States Forces in Japan. Effective the same date, the
JBIC Operations and the Financial Operations for Facilitating Realignment of United States Forces in Japan were
transferred out of the Predecessor to establish Japan Bank for International Cooperation ("JBIC"), a joint-stock
corporation wholly owned by the Japanese government. Pursuant to the JBIC Act, all of the assets and liabilities
relating to the JBIC Operations and the Financial Operations for Facilitating Realignment of United States Forces
in Japan were assumed by JBIC.
Luxembourg Stock Exchange Approved Prospectus
Subject to approval by the Luxembourg Stock Exchange, this Supplement and the SEC Base Prospectus
starting after page A-II-25 including the following documents incorporated by reference:
·
the Annual Report on Form 18-K of Japan for the year ended March 31, 2011 (the "Japan 18-K 2011"); and
·
the unaudited financial statements and other information relating to the JBIC Operations and the
Financial Operations for Facilitating Realignment of United States Forces in Japan contained on
pages 7 and 9-19 in Exhibit 1 and in Exhibit 4 of the Predecessor's Annual Report on Form 18-K for
the year ended March 31, 2011;
S-4


but excluding the following:
·
the section "Where You Can Find More Information" in the SEC Base Prospectus,
together comprise the LSE Approved Prospectus and for the purpose of giving information with regard to us,
Japan and our bonds which, according to the particular nature of us, Japan and our bonds, is necessary to enable
investors to make an informed assessment of our and Japan's assets and liabilities, financial position, profit and
losses and prospects, and of the rights attaching to our bonds and the guarantee.
Responsibility for Statements
We accept responsibility for the information contained in the LSE Approved Prospectus. To the best of our
knowledge (having taken all reasonable care to ensure that such is the case) the information contained in the LSE
Approved Prospectus is in accordance with the facts and contains no omission likely to affect its import.
Japan accepts responsibility for the information contained in the LSE Approved Prospectus relating to Japan
and the guarantee. To the best of Japan's knowledge (having taken all reasonable care to ensure that such is the
case) the information contained in the LSE Approved Prospectus relating to Japan and the guarantee is in
accordance with the facts and contains no omission likely to affect its import.
S-5


FOREIGN EXCHANGE CONSIDERATIONS
For an investor that is not resident in the United States or does not conduct business or activities in the
United States, an investment in the bonds, which are denominated in, and all payments in respect of which are to
be made in, U.S. dollars entails significant risks not associated with a similar investment in a security
denominated in the investor's home currency (i.e., the currency of the country in which the investor is resident or
the currency in which the investor conducts its business or activities). These include the possibility of:
·
significant changes in rates of exchange between the home currency and the U.S. dollar; and
·
the imposition or modification of foreign exchange controls with respect to the U.S. dollar.
We have no control over a number of factors affecting this type of bond, including economic, financial and
political events that are important in determining the existence, magnitude and longevity of these risks and their
results. In recent years, rates of exchange for certain currencies, including the U.S. dollar, have been volatile and
this volatility may be expected to continue in the future. Fluctuations in any particular exchange rate that have
occurred in the past are not necessarily indicative of fluctuations in the rate that may occur during the term of the
bonds. Depreciations of the U.S. dollar against the investor's home currency could result in a decrease in the
investor's effective yield of the bonds below the coupon rate, and in certain circumstances, could result in a loss
to such purchaser on a home currency basis.
This description of foreign currency risks does not describe all the risks of an investment in securities
denominated in a currency other than the home currency. You should consult your own financial and legal
advisors as to the risks involved in an investment in the bonds.
S-6


INCORPORATION BY REFERENCE
The Annual Report on Form 18-K of Japan for the year ended March 31, 2011 and the unaudited financial
statements and other information relating to the JBIC Operations and the Financial Operations for Facilitating
Realignment of United States Forces in Japan contained on pages 7 and 9-19 in Exhibit 1 and in Exhibit 4 of the
Predecessor's Annual Report on Form 18-K for the year ended March 31, 2011 (containing the Predecessor's
audited financial statements for the year, which are a direct and accurate translation of its Japanese audited financial
statements) are hereby incorporated by reference and form part of this Supplement.
Certain information contained in the Predecessor's Annual Report on Form 18-K for the year ended
March 31, 2011 has not been incorporated by reference in this Supplement. Such information is either (i) not
considered by JBIC to be relevant for prospective investors in the bonds or (ii) is covered elsewhere in this
Supplement.
Any statement contained in a document which is incorporated by reference in the LSE Approved Prospectus
or otherwise in this Supplement or the SEC Base Prospectus shall be deemed to be modified or superseded for
the purpose of the LSE Approved Prospectus or this Supplement to the extent that a statement contained herein
or another document incorporated by reference herein modifies or supersedes such earlier statement (whether
expressly, by implication or otherwise). Any statement so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of the LSE Approved Prospectus or this Supplement. Copies of the
documents incorporated by reference in the LSE Approved Prospectus or otherwise in this Supplement or the
SEC Base Prospectus are available free of charge at the office of the fiscal agent in London, and will also be
available at the website of the Luxembourg stock exchange (www.bourse.lu).
For the purposes of the LSE Approved Prospectus, the information incorporated by reference from
Japan 18-K 2011 includes the following items in relation to Japan (the page numbers below are those of Exhibit 1
to such Annual Report):
Items
Japan 18-K 2011 - Exhibit 1 (Description of Japan)
Geographical location and legal form
"General--Area and Population", "General--
Government" and "General--Political Parties" on
pages 4-5
Description of the economy
"The Economy" on pages 7-13
Description of the political system and government
"General--Government" and "General--Political
Parties" on pages 4-5
Tax and budgetary systems
"Government Finance" on pages 20-26
Gross public debt and debt record
"Debt Record", "Japan Public Debt", "Internal Debt"
and "External Debt" on pages 27-31
Foreign trade and balance of payments
"Foreign Trade and Balance of Payments--Foreign
Trade" and "Foreign Trade and Balance of
Payments--Balance of Payments" on pages 14-17
Foreign exchange reserves
"Foreign Trade and Balance of Payments--Official
Foreign Exchange Reserves" on page 18
Financial position and resources
"Government Finance" on pages 20-26
Income and expenditure figures
"Government Finance" on pages 20-26
Auditing Procedures
"Government Finance" on page 21
S-7


INTRODUCTION
The following is an abstract of certain information contained elsewhere in this Supplement or the SEC Base
Prospectus or incorporated by reference herein. More detailed information is contained elsewhere in this
Supplement or the SEC Base Prospectus or incorporated by reference herein. You should read carefully this
entire Supplement, the SEC Base Prospectus and the other documents we refer to for a complete understanding
of this offering.
Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . Japan Bank for International Cooperation.
Securities Offered . . . . . . . . . . . . . . . . . $2,000,000,000 principal amount of 1.125% Guaranteed Bonds Due
July 19, 2017.
Guarantee . . . . . . . . . . . . . . . . . . . . . . . . Payments of principal of and interest on the bonds are unconditionally
and irrevocably guaranteed by Japan.
Maturity Date . . . . . . . . . . . . . . . . . . . . July 19, 2017.
Interest Payment Dates . . . . . . . . . . . . . Semi-annually on January 19 and July 19 of each year, commencing
January 19, 2013.
Interest Rate . . . . . . . . . . . . . . . . . . . . . . 1.125% per year. We will pay interest on the bonds semi-annually in
arrears in equal payments. Whenever it is necessary to compute any
amount of interest in respect of the bonds other than with respect to
regular semi-annual payments, that interest will be calculated on the
basis of a 360-day year of twelve 30-day months.
Ranking . . . . . . . . . . . . . . . . . . . . . . . . . The bonds will be our direct, unsecured debt securities obligations and
rank pari passu and be payable without any preference among
themselves and at least equally with all of our other unsecured debt
securities obligations from time to time outstanding, which rank senior
to our unsecured general obligations not represented by debt securities,
provided, however, that certain obligations in respect of national and
local taxes and certain preferential rights granted by, among others, the
Japanese Civil Code to certain specified types of creditors, such as
preferential rights of employees to wages, will have preference.
Additional Amounts . . . . . . . . . . . . . . . In the event that certain taxes, as described under "Description of the
Bonds and Guarantee", are payable on the bonds, we will, subject to
certain exceptions, pay such additional amounts on the bonds as will
result, after deduction or withholding of such taxes, in the payment of
the amounts that would have been payable on the bonds if no such
deduction or withholding had been required. For further detail on the
payment of these additional amounts, see "Description of the Bonds
and Guarantee--Additional Amounts".
Redemption . . . . . . . . . . . . . . . . . . . . . . We may redeem all, but not less than all, of the bonds in the event of
certain changes relating to Japanese taxation at 100% of the principal
amount thereof plus accrued interest thereon and any additional
amounts we are required to pay, as described under "Description of
the Bonds and Guarantee--Redemption".
Markets . . . . . . . . . . . . . . . . . . . . . . . . . We are offering the bonds for sale only in those jurisdictions other
than Japan (subject to certain exceptions) where it is legal to make
such offers. See "Underwriting" for a description of applicable selling
restrictions.
S-8


Listing . . . . . . . . . . . . . . . . . . . . . . . . . . . We have applied to the Luxembourg Stock Exchange for the bonds to
be listed on its official list and for the bonds to be admitted to trading
on its Euro MTF Market.
Form and Settlement . . . . . . . . . . . . . . . All bonds will be in registered form, without interest coupons
attached. Bonds held outside the United States, referred to as the
international bonds, will be represented by beneficial interests in the
international global bond, which will be registered in the name of the
nominee of the common depositary for, and in respect of interests
held through, Euroclear and Clearstream. Bonds held within the
United States, referred to as the DTC bonds, will be represented by
beneficial interests in one or more DTC bonds, which will be
registered in the name of Cede & Co., as the nominee of DTC. Except
as described in this Supplement, beneficial interests in the global
bonds will be represented through book-entry accounts of financial
institutions acting on behalf of beneficial owners as direct and
indirect participants in DTC, Euroclear and Clearstream, and owners
of beneficial interests in the global bonds will not be entitled to have
bonds registered in their names, will not receive or be entitled to
receive bonds in definitive form and will not be considered holders of
bonds under the fiscal agency agreement relating to the bonds. The
bonds will be sold only in denominations of $200,000 and integral
multiples of $1,000 in excess thereof. For further information on
book-entry procedures, see "Description of the Bonds and
Guarantee--Form, Denominations and Registration".
Investors electing to hold their bonds through DTC will follow the
settlement practices applicable to U.S. corporate debt obligations. The
securities custody accounts of investors will be credited with their
holdings against payment in same-day funds on the settlement date.
Investors electing to hold their bonds through Euroclear or
Clearstream accounts will follow the settlement procedures applicable
to conventional eurobonds in registered form. Bonds will be credited
to the securities custody accounts of Euroclear holders and of
Clearstream holders against payment in same-day funds on the
settlement date. For information on secondary market trading, see
"Global Clearance and Settlement--Secondary Market Trading".
Fiscal Agent, Principal Paying Agent
and Transfer Agent . . . . . . . . . . . . . . The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, also acting
through Union Bank, N.A.
Common Code . . . . . . . . . . . . . . . . . . . . 080578253 (DTC global bond); 080518382 (international global
bond)
CUSIP . . . . . . . . . . . . . . . . . . . . . . . . . . . 471048 AE8
ISIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . US471048AE84 (DTC global bond); XS0805183828 (international
global bond)
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RISK FACTORS
We believe that the following factors may affect our ability to fulfil our obligations under our bonds. All of
these factors are contingencies which may or may not occur and we are not in a position to express a view on the
likelihood of any such contingency occurring.
Factors which we believe may be material for the purpose of assessing the market risks associated with our
bonds are also described below.
We believe that the factors described below represent the principal risks inherent in investing in our bonds.
Prospective investors should carefully consider these factors in conjunction with the detailed information set out
elsewhere in this Supplement and the SEC Base Prospectus (including any documents or information
incorporated by reference herein) or, for the purposes of the LSE Approved Prospectus, the detailed information
set out elsewhere in the LSE Approved Prospectus (including any documents incorporated therein), and reach
their own views prior to making any investment decision.
Risks Relating to the Japanese Economy in General
Prospective investors in our bonds should be aware of the challenges faced by the Japanese economy in
general. Japan's fiscal year ended March 2012 started in a very challenging environment, with the Earthquake of
March 11, 2011 seriously crippling the economy and posting negative growth for the first two consecutive
quarters. Over time, the government and the people joined forces in an all-out effort to rebuild the social and
economic infrastructure, facilitating a rapid recovery of the supply chains and helping the economy on a track to
a gradual recovery. Since the summer of 2011, however, the rapid appreciation in yen, the reduced external
demand due to the severe flooding that occurred at the end of July in Thailand, and the global economic
slowdown on the back of the European sovereign debt crisis kept such recovery to a modest level. The real GDP
grew by 0.0% during JFY 2011, with the nominal GDP posting a negative growth by 1.9%. Consumer prices
have remained stable since the Earthquake, although households' expected inflation rate has risen due to a rise in
crude oil prices and the post-Earthquake supply constraints.
The Japanese economy continues to face certain challenges. The strong yen may also lead to the Japanese
companies' relocation overseas and local procurement of manufacturing materials, resulting in loss of
employment in Japan. Further challenges for the Japanese economy include an increased dependence on LNG
and other energy imports as a result of the nuclear accident at the Fukushima Daiichi Nuclear Plant and
suspension of operations at other nuclear power plants and, over the long term, demographic challenges, such as
an aging workforce and population decrease, and the high levels of public debt and associated debt servicing
payments.
Risks Relating to Us
The JBIC Act requires the Japanese government, at all times, to hold the total number of outstanding shares
of JBIC. JBIC's operations, including appointment of directors, business plans and issuance of new debt
securities, are subject to the supervision of the Japanese government. JBIC's business operations are conducted
in accordance with the Japanese government's economic and other policies, including the provision of financial
support in areas in which it is difficult for private financial institutions to provide on a commercial basis.
Accordingly, JBIC's business operations, results of operations and financial condition have been, and will
continue to be, influenced by the Japanese government's economic and other policies.
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