OCDE - Financing SMEs and Entrepreneurs 2026 - Japón de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

Key facts on SME financing The Japanese economy showed positive signs in spring 2024 with nominal GDP exceeding JPY 600 trillion on an annualized basis for the first time, and capital investment reaching a 33-year record high. A virtuous cycle of wages and prices is being realized, as seen in the labour-management wage negotiations in spring 2024, which lead to a high wage increased for the first time in 33 years, contributing to household demand. However, although the corporate sector has remained firm, wage and income growth has not been able to consistently exceed inflation, and personal consumption continues to be weak. For this reason, Japanese economy is currently at a crossroads (Cabinet Office, 2025 [1]). Lending to SMEs declined continuously between 2007 and 2012. In 2013, the volume of outstanding SME loans shifted upward and has increased consistently since then to reach JPY 356.2 trillion in 2024. Average interest rates on new short-term loans in Japan have been very low and further declined between 2007 and 2023, falling from 1.64% to nearly a quarter of that amount (0.42%) following mone tary easing. However, in 2024, after the monetary policy meeting in March 2024, the rates increased to 0.51 % in 2024. Long-term interest rates on new loans followed a broadly similar pattern, more than halving from 1.73% in 2007 to 0.78% in 2022. In 2024, the rates slightly increased to 1.07%. Since 2015, VC investments have been rising rapidly, with the exception of for a sharp drop amid the disruption of the COVID-19 pandemic in 2020 and reached their highest value of JPY 341 billion in FY2021. However, they declined to JPY 293 billion in FY2024,

Since 2015, VC investments have been rising rapidly, with the exception of for a sharp drop amid the disruption of the COVID-19 pandemic in 2020 and reached their highest value of JPY 341 billion in FY2021. However, they declined to JPY 293 billion in FY2024, In regard to leasing, after an upward trend in 2019 pre-COVID, the volumes decreas ed to JPY 2.1 trillion in 2021. More recently volumes have risen to reach JPY 2.7 trillion in 2024. SME bankruptcies, which account for more than 99% of all bankruptcies in Japan, decreased from 15,500 in 2008 to 6000 in 2021. With COVID-19 financing support measures, the number of SM E bankruptcies was curbed at lowest level over the last 57 years . However, since then, the number of SME bankruptcies has started to increase, and the number of SME bankruptcies reached 10,004 in 2024. Total non-performing business loans (NPLs) have declined continuously sinc e FY2013, after having experienced erratic movement over the FY2007-12 period. In FY2024, total NPLs amount ed to JPY 13.5 trillion. Japan2 

FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

Table 1 . Scoreboard for Japan Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs JPY trillion 260.8 259.1 253.1 248.3 245.6 243.6 247.2 251.7 258.4 265.6 275.4 281.4 286.6 314.9 323.6 335.9 346.9 356.2

Outstanding business loans, total JPY trillion 358.2 369.2 360.7 346.9 346.8 349.6 356.5 365.3 376.2 388.5 400.3 415.0 424.7 459.3 460.0 480.1 499.3 519.2 Share of SME outstanding loans % of total outstanding business loans 72.81 70.18 70.17 71.58 70.82 69.68 69.34 68.90 68.69 68.37 68.80 67.81 67.48 68.56 70.35 69.96 69.48 68.6 Value of CGCs loan guarantees (Government loan guarantees, SMEs) JPY trillion 29.4 33.9 35.9 35.1 34.4 32.1 29.8 27.7 25.8 23.9 22.2 21.08 20.8 40.5 41.9 40.4 36.4 34.2 Non-performing loans, total (amount) JPY trillion 17.1 17.1 16.8 16.6 17.2 17.3 15.3 13.9 12.8 11.8 10.5 10.3 10.3 11.5 12.6 12.6 13.5 Non-performing loans, total % of all business loans 4.77 4.63 4.66 4.79 4.96 4.95 4.29 3.81 3.40 3.04 2.62 2.48 2.43 2.50 2.74 2.63 2.70

Prime lending rate for short-term loans % 1.88 1.68 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.48 1.88 Prime lending rate for long-term loans % 2.30 2.40 1.65 1.60 1.40 1.20 1.20 1.10 1.10 0.95 1.00 1.00 1.05 1.00 1.10 1.40 1.70 2.05 New short-term interest rate % 1.64 1.53 1.23 1.10 1.04 1.02 0.91 0.88 0.80 0.67 0.61 0.60 0.60 0.47 0.44 0.42 0.43 0.51 New long-term interest rate % 1.73 1.67 1.46 1.29 1.21 1.16 1.10 1.00 0.94 0.80 0.80 0.76 0.72 0.76 0.73 0.78 0.87 1.07 Outstanding short-term interest rate % 1.67 1.49 1.26 1.19 1.10 1.03 0.88 0.85 0.78 0.62 0.58 0.60 0.60 0.48 0.46 0.44 0.45 0.56 Outstanding long-term interest rate % 2.05 1.99 1.76 1.65 1.54 1.42 1.30 1.19 1.10 0.97 0.90 0.85 0.85 0.78 0.76 0.75 0.75 0.90

Collateral, SMEs % of SMEs needing collateral to obtain bank lending 29.4 28.2 26.8 26.0 23.8 Non-bank finance Venture capital investments (all stages total) JPY billion 193 136 87 113 124 102 181 117 130 152 197 277 289 224 341 327 293 Venture capital investments (all stages total) %, Year-on-year growth rate

-29.5 -36 29.9 9.7 -17.7 77.45 -35.4 11.11 16.92 29.61 40.61 4.33 22.49 52.23 -4.11 -10.11 Venture capital (seed and early stage) % (share of all stages)

36.80 32.50 44.30 57.80 64.50 57.20 62.80 68.30 67.80 71.40 73.7 72.1 70.0 72.9 67.94 Venture capital (expansion and later stage) % (share of all stages)

63.20 67.50 55.70 42.20 35.50 42.80 37.20 31.70 32.20 28.60 26.3 27.9 30.0 27.1 32.06 Leasing, SMEs JPY billion 3 471 2 822 2 100 2 139 2 231 2 284 2 645 2 363 2 604 2 566 2 570 2 664 2 700 2 329 2 129 2 230 2 495 2 719 Other indicators

Other indicators Bankruptcies, SMEs Thousands 14.0 15.5 15.4 13.2 12.7 12.1 10.8 9.7 8.8 8.4 8.4 8.2 8.4 7.8 6.0 6.4 8.6 10.0 Bankruptcies, SMEs %, Year-on-year growth rate

10.76 -0.82 -14 -4.22 -4.81 -10.2 -10.4 -9.4 -4.2 -0.5 -1.9 1.7 -7.3 -22.4 6.6 35.1 15.1 Bankruptcies, total Thousands 14.1 15.6 15.5 13.3 12.7 12.1 10.9 9.7 8.8 8.4 8.4 8.2 8.4 7.8 6.0 6.4 8.6 10.0 Bankruptcies, total %, Year-on-year growth rate

11 -1.1 -14 -4.4 -4.8 -10.5 -10.4 -9.4 -4.2 -0.5 -2 1.8 -7.3 -22.4 6.6 35.2 15.1

Source: See Table 4. 3

FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

Macroeconomic and financing conditions Real GDP growth has moderately recovered with a pickup in domestic demand, such as consumer spending and capital investment since 2022, although the service sector suffered a delayed recovery. Although there was a recovery trend from the economic shock caused by COVID -19 in FY2023, the situation continued to fluctuate as wage growth could not keep up with price i ncreases. The real GDP

spending and capital investment since 2022, although the service sector suffered a delayed recovery. Although there was a recovery trend from the economic shock caused by COVID -19 in FY2023, the situation continued to fluctuate as wage growth could not keep up with price i ncreases. The real GDP growth rate for FY2023 was 0.6% (Cabinet Office, 2025[1]). In FY2024, real GDP growth was positive from the first quarter to the third quarter compared to the previous quarter and in the fourth quarter (JanuaryMarch 2025), the rate by 0% q-o-q. As a result, in a real GDP growth rate of 0.8% in FY2024 (Cabinet Office, 2025[2]). In Japan, the Government and the Bank of Japan (BOJ) strengthened their policy co-ordination in 2013 with the aim of overcoming deflation as early as possible and achieving sustainable economic growth. The BOJ has continued large-scale monetary easing for the past decade, with a 2% price stability target. While many countries have tightened monetary policy by raising policy interest rates to curb inflation since the first quarter of 2022, the BOJ implemented its monetary easing measures that maintaine d low-interest rates (short-term at -0.1% and long-term at around 0%) through Yield Curve Control. However, at the Monetary Policy Meeting in March 2024, the BOJ decided to raise interest rate s for the first time in 17 years (Bank of Japan, 2024 [3]). At the Monetary Policy Meeting in December 2025, the policy rate was raised to about 0.75%. This brought the policy rate to its highest level in abo ut 30 years. The B OJ considered that the mechanism for both wages and prices to rise moderately i s likely to be maintained, and that the central forecast of the underlying inflation rate remaining at a level roughly consistent with the price stability target of 2% is increasing (Bank of Japan (2025)[1] . As for the conduct of monetary policy, given that real interest rates are at significantly low levels, in accordance with improvement in economic

and that the central forecast of the underlying inflation rate remaining at a level roughly consistent with the price stability target of 2% is increasing (Bank of Japan (2025)[1] . As for the conduct of monetary policy, given that real interest rates are at significantly low levels, in accordance with improvement in economic activity and prices, the BOJ will continue to raise the policy interest rate and adjust the degree of monetary accommodation. SMEs in the national economy SMEs accounted for 99.7% of all Japanese businesses and employed 33 million ind ividuals, or approximately 69.7% of the private sector labour force in 2021. Sales of SMEs have been on an upward trend since bottoming out in the first q uarter of 2021. Although the pace of increase has recently slowed, the upward trend continues, reaching 137.5 tr illion yen in the fourth quarter of 2024 (four-quarter trailing moving average). Ordinary profits have also been on an upward trend since bottoming out in the third quarter of 2020. In the fourth quarter of 2024, ordinary profits stood at 6.5 trillion yen (four-quarter trailing moving average). However, the growth has been mod est and has lagged that of large enterprises, with the gap continuing to widen. Table 2. Number of firms by size in Japan, 2021 Firm size Number of firms % Number of employees % Micro enterprises 2 853 356 84.5 9 725 922 20.5 Medium-sized enterprises 511 535 15.2 23 372 520 49.2 Large enterprises 10 364 0.3 14 384 830 30.3 Total 3 375 255 100 47 483 272 100

Note:

1. Number of enterprises = Number of companies + Business establishments of sole proprietors (independent establishments and head offices). 2. “Micro enterprises” refers to “micro enterprises” as defined under the Small and Mediumsized Enterprises Basic Act. “Medium -sized enterprises” refers to SMEs other than micro enterprises.

1. Number of enterprises = Number of companies + Business establishments of sole proprietors (independent establishments and head offices). 2. “Micro enterprises” refers to “micro enterprises” as defined under the Small and Mediumsized Enterprises Basic Act. “Medium -sized enterprises” refers to SMEs other than micro enterprises.

Source: Ministry of Internal Affairs and Communications and Ministry of Economic, Trade and Industry, 2021 Economic Census for Busine ss

Activity4 

FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

SME lending The share of SME outstanding loans dropped from 72.8% in 2007 to a low of 67.5% in 2019. Since 2019, the share of SME outstanding loans over the total outstanding loans has increased amid the COVID19 crisis and was approximately 68.6% in 2024. Comparing pre-pandemic levels to the most recent data, the outstanding SME stock grew 24% from 2019 to 2024, from JPY 286.6 to JPY 356.2 trillion . Credit conditions SME survey data imply the easing of collateral requirements between 2018 a nd 2021. Of SMEs that receive loans from their main bank, 29.4% provided physical collateral in FY2018. This rate steadily decreased since then , resulting in 23.8% in FY2023. Average interest rates on new short-term loans in Japan has remained at a very low level, even by historical standards, and have declined every year for more than the past decade, decreasing from 1 .64% in 2007 to a third of that amount (0.51%) in 2024. Long-term interest rates on new loans followed a broadly similar pattern, more than halving from 1.73% in 2007 to 1.07% in 2024. As of 2024, corporate financing costs remain at extremely low levels. Lending rates (average new interest rates) have increased slightly for long-term loans but have remained at extremely low levels for short-term

pattern, more than halving from 1.73% in 2007 to 1.07% in 2024. As of 2024, corporate financing costs remain at extremely low levels. Lending rates (average new interest rates) have increased slightly for long-term loans but have remained at extremely low levels for short-term loans. Alternative sources of SME financing Equity financing Japanese venture capital investment has expanded significantly over the past decade, peaking at JPY 341 billion in 2021. While investment declined modestly thereafter, it totalled JPY 293 billion in 2024, suggesting sustained momentum despite a more challenging global funding environment. Seed and early-stage investments have become increasingly important to SME financ ing in the venture capital sphere. In 2010, seed and early-stage investments accounted for 32.5% of t otal venture capital investments. This share increased drastically and in 2024 reached 72.9% of ventur e capital investments. Expansion and later stage investments accounted for 27.1% in 2024. Leasing Since 2013, SME leasing has been erratic but relatively stable with no big s hifts in leasing volumes. In 2024, leasing volumes to SMEs were approximately JPY 2.7 trillion, meaning T volumes have remain ed well below the pre-GFC peak of JPY 3.5 trillion in 2007. Other indicators SME bankruptcies, which account for more than 99% of all bankruptcies in Japan, remark ably decreased since 2008 and stood at 6027 in 2021, the lowest level over the last 57 years, before a slight increase with 6425 cases in 2022. COVID19-related loans by public and private financial institutions helped SMEs to survive in the markets; however,The number of bankruptcies increased to 8,685 cases in 2023 and 10,004 cases in 2024. This was the first time in 11 years that the figure exceeded 10,000. In 2024, the yen

survive in the markets; however,The number of bankruptcies increased to 8,685 cases in 2023 and 10,004 cases in 2024. This was the first time in 11 years that the figure exceeded 10,000. In 2024, the yen remained weak with continued volatility, and rising prices showed no signs of slowing. Labor costs also increased due to labor shortages and higher minimum wages, leading to cost pressures ac ross a wide 5

FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

range of sectors. In addition, the resolution of excessive debt accumulated through COVID19-related financing support was delayed, placing a burden on corporate earnings. Total non-performing business loans have been on a downward trend since FY2013 , after having experienced erratic movement at around JPY 17.0 trillion over the FY2007-12 per iod. NPLs, however, started to increase from FY2020, resulting in 13.5 trillion as of 2024. Government policy response The Japanese Government offers appropriate financial support to meet SMEs’ financing needs in the form of credit guarantees and direct loans. During the COVID-19 pandemic, the government implemen ted measures such as interest-free loans without requiring collateral to ensure that SMEs did not face severe financial difficulties. Currently, the COVID19-specific funding support measures have ended, and the government has introduced financial assistance programs to address rising material costs due to the situation in Ukraine and other factors. For instance, the Japan Finance Corporation, a government-affiliated financial institution, offers interest rate reductions on Safety Net Loans. Additionally, from the perspective of credit guarantees, SMEs affected by rising raw material prices and labour shortages can apply for the N0.5 Safety Net Guarantee if they meet certain revenue criteria. Furthermore, the "Cooperative Support Sp ecial Guarantee" was established in March of this year to enhance the financial intermediation function through collaboration between credit guarantee associations and regional financial ins titutions, aiming to resolve management challenges SMEs face.

Guarantee if they meet certain revenue criteria. Furthermore, the "Cooperative Support Sp ecial Guarantee" was established in March of this year to enhance the financial intermediation function through collaboration between credit guarantee associations and regional financial ins titutions, aiming to resolve management challenges SMEs face. Moreover, as part of its support for the revitalization of SMEs, the government is actively engaged in management improvement and recovery support through the "Small and Medium Enterprise Vi talization Support Center". In addition, efforts regarding the reform of personal guarantees by business owners are being steadily advanced based on the " Management Guarantee Reform Programme" published in 2022. Table 3 Programmes promoting SME access to finance Name of the programme: Safety Net Loans Objectives: To support SMEs that are temporarily experiencing a decline in business conditions, such as a decrease in sales, due to external factors like changes in the social and economic environment but are expected to recover and develop in the mid-long term.

Source of funding: Fiscal investment and loan program (FILP), National budget (general account) Delivery agents and type: Japan Finance Corporation Main targeted beneficiaries (eligibility criteria): SMEs that are temporarily experiencing a decline in business conditions, such as a decrease in sales, due to external factors like changes in the social and economic environment but are expected to recover and develop in the mid-long term.

Financing terms: A decrease in sales of 5% or more compared to the same period last year or the year before last in the last three months, etc.

Programme terms: Actual cost: Uptake by beneficiaries: Relevant link to the programme website (if available): https://www.jfc.go.jp/n/finance/search/07_keieisien_m.html Evaluations undertaken: No ( ), Yes ( ). If yes and available, please add link to review Similar local or regional programmes (if independent):

Name of the programme: The Cooperative Support Special Guarantee Start date: 2025.3.14 End date: 2028.3.31

Evaluations undertaken: No ( ), Yes ( ). If yes and available, please add link to review Similar local or regional programmes (if independent):

Name of the programme: The Cooperative Support Special Guarantee Start date: 2025.3.14 End date: 2028.3.31

Objectives: In response to the rising prices of raw materials, inflation, and labor shortages affecting small and medium-sized enterprises (SMEs), we aim to further strengthen the financial intermediation function b y combining direct loans from financial institutions with guaranteed loa ns. This will support various management challenges, including stabilizing the operations of SMEs through labor-saving investments to address labor shortages and promoting business development.6 

FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

Source of funding: Guarantee fee income, etc.

Delivery agents and type: Credit Guarantee Association, credit guarantee Main targeted beneficiaries (eligibility criteria): SMEs that fall under any of the following criteria:

1. When executing direct loans of 10% or more of the proper loan amount (for a period of one year or more) simultaneously.

2. When formulating a plan with the support of a financial institution and reporting on the execution and progress of the plan.

Financing terms: Based on credit assessment by private financial institutions.

Programme terms: Actual cost: Uptake by beneficiaries: Relevant link to the programme website (if available): https://www.chusho.meti.go.jp/kinyu/2025/250314.html Evaluations undertaken: No ( ), Yes ( ). If yes and available, please add link to review Similar local or regional programmes (if independent):

Name of the programme: Small and Medium Enterprise Vitalization Support Center Start date: Year 2003 End date: To be decided Objectives: By supporting small and medium-sized enterprises (SMEs) facing financial issues in improving their profitability and business revitalization, we aim to sustain the economic and employment foundation of the region.

Source of funding: National budget (general account)

Start date: Year 2003 End date: To be decided Objectives: By supporting small and medium-sized enterprises (SMEs) facing financial issues in improving their profitability and business revitalization, we aim to sustain the economic and employment foundation of the region.

Source of funding: National budget (general account) Delivery agents and type: Private organizations, etc.

Main targeted beneficiaries (eligibility criteria): SMEs as defined by the Industrial Competitiveness Enhancement Act and the Small and Mediumsized Enterprise Credit Insurance Act (with some corporations excluded from support).

Financing terms: Programme terms: Actual cost: 9,690,000,000 JP yen Uptake by beneficiaries: 8,757 consultation inquiries, completed 859 cases of profitability improvement support, assisted in the formulation of 1,118 revitalization plans, and completed 1,340 cases of re-challenge support. (Fiscal year 2024) Relevant link to the programme website (if available): https://www.chusho.meti.go.jp/keiei/saisei/index.html Evaluations undertaken: No ( ), Yes ( ). If yes and available, please add link to review Similar local or regional programmes (if independent): 7

FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

Figure 1. Trends in SME and entrepreneurship finance in Japan

Source: See Table 18 

FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

Table 4 . Sources and definitions of Japan’s Scoreboard Indicator Definition Sources Debt Outstanding business loans, SMEs Figures include lending to SMEs from domestically licensed banks, credit associations, credit cooperatives, Shoko Chukin Bank, and JFC (Micro Business and Individual Unit and SME Unit). Loans supplied by credit cooperatives include lending to individuals and local governments, etc. Figures are the values at the end of December of each year. SME Agency, White Paper on Small and

cooperatives, Shoko Chukin Bank, and JFC (Micro Business and Individual Unit and SME Unit). Loans supplied by credit cooperatives include lending to individuals and local governments, etc. Figures are the values at the end of December of each year. SME Agency, White Paper on Small and Medium Enterprises in Japan Outstanding business loans, total Figures include lending to all enterprises from domestically licensed banks, credit associations, credit cooperatives, Shoko Chukin Bank, JFC (Agriculture, Forestry, Fisheries and Food Business Unit) as well as JFC (Micro Business and Individual Unit and SME Unit), and other financial institutions, which are all but credit cooperatives surveyed by BOJ. Loans supplied by credit cooperatives include lending to individuals and local governments, etc. As mentioned above, institutions surveyed are different in business loans, SMEs and total, thus, these indicators are not consistent. Figures are the values at the end of December of each year. Compiled by Office for International Cooperation, SME Agency from sources including BOJ, National Central Society of Credit Cooperatives Value of CGCs loan guarantees (Government loan guarantees, SMEs) The value of obligation to guarantee that credit guarantee corporations have, as at the end of March of each year. JFG, Credit Guarantee System in Japan Non-performing loans, total Non-performing loans, total are proxied by the amount of “Risk Management Loans” by deposit-taking financial institutions. “Risk Management Loans” are based on the Banking Act. “Non-performing loans” includes lending to individuals and local governments, etc. as well as to enterprises. Institutions surveyed in "Non-performing loans" are deposit-taking financial institutions. The value of “Non-performing loans” is at the end of March every year. The latest data will be updated in August. FSA, Transition of Risk Management Loans Prime lending rate for short-term loans

to enterprises. Institutions surveyed in "Non-performing loans" are deposit-taking financial institutions. The value of “Non-performing loans” is at the end of March every year. The latest data will be updated in August. FSA, Transition of Risk Management Loans Prime lending rate for short-term loans Short-term Prime Lending Rates of Banks is the prime lending rate that has been applied by city banks as applicable to short-term to blue-chip companies. BOJ, Time-Series Data Search Prime lending rate for long-term loans Long-term Prime Lending Rate is the prime rate adopted and released by Mizuho Bank as applicable to long-term loans provided to blue-chip companies. BOJ, Time-Series Data Search New short-term interest rate (Not only for businesses) Figures are “Average contract interest rate on New short-term loans and discounts” which is published by BOJ. Surveyed from the data of domestically licensed banks, not accommodating credit associations, credit cooperatives, and other financial institutions. The figures are average rates which are arithmetically calculated from the monthly data. Because the calculation methods has changed in some institutions, data since May 2011 are not consistent with the before. New loans, of which the month-end outstanding loan balances, are all loans that are provided during the month. Short-term lending rates apply to shorterthan-1-year contractual loans. Figures are taken into consideration lending rates on loans to households (including housing loans), the central government, and local governments, in addition to loans to all enterprises. BOJ, Time-Series Data Search New long-term interest rate (Not only for businesses) Figures are “Average contract interest rate on New long-term loans” which is published by BOJ. Surveyed from the data of domestically licensed banks, not including credit associations, credit cooperatives, and other financial institutions. The figures are average rates which are arithmetically calculated from the monthly data. Because the calculation

Figures are “Average contract interest rate on New long-term loans” which is published by BOJ. Surveyed from the data of domestically licensed banks, not including credit associations, credit cooperatives, and other financial institutions. The figures are average rates which are arithmetically calculated from the monthly data. Because the calculation methods has changed in some institutions, data since May 2011 are not consistent with the before. New loans, of which the month-end outstanding loan balances, are all loans that are provided during the month. Long-term lending rates apply to 1-year-or-longer contractual loans. Figures are taken into consideration lending rates on loans to households (including housing loans), the central government, and local governments, in addition to loans to all enterprises. BOJ, Time-Series Data Search Outstanding longterm interest rate (Not only for businesses) Figures are “Average contract interest rate on Outstanding short-term loans and bills discounted” which is published by BOJ. Surveyed from the data of domestically licensed banks, not including credit associations, credit cooperatives, and other financial institutions. Outstanding means all loans outstanding as of the end of the month. Long-term lending rates apply to 1-year-or-longer contractual loans. Figures are taken into consideration lending rates on loans to households (including housing loans), the central government, and local governments, in addition to loans to all enterprises. BOJ, Time-Series Data Search Collateral, SMEs Figures represent the percentage of SMEs (excluding sole proprietors) that provide physical collateral, including real estate, deposits, securities and machinery and equipment, in obtaining loans from financial institutions.

SME Agency, Basic Survey on Small and Medium Enterprises Other indicators 9

FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

Venture capital investments (all stages total) Seed, early, expansion, and later stage investments are all included. Both domestic and

Medium Enterprises Other indicators 9

FINANCING SMES AND ENTREPRENEURS 2026: JAPAN © OECD 2026

Venture capital investments (all stages total) Seed, early, expansion, and later stage investments are all included. Both domestic and foreign investments are included. Data covers information for the final balance at the end of each fiscal year (end of March of each year). Venture Enterprise Centre, Japan, VEC

YEARBOOK 2022

Leasing, SMEs The figures indicated are surveyed by companies who are members of Japan Leasing Association. The figures include the finance leases and operating leases, and exclude “rental”. The figures indicates the values of leases contracted by the companies with capital less than or equal to 100 million JPY, those with no capital, and sole proprietorships, thus, they do not correspond to the present definition of SMEs under Small and Medium-sized Enterprise Basic Act. Figures are the values at the end of March of each year. Japan Leasing Association, Lease Handbook Non-Bank Finance Bankruptcies, SMEs Only enterprises with debts of at least JPY10 million are included. Data covers 12 month numbers for 31 December of each year. Tokyo Shoko Research, Ltd., State of Corporate Bankruptcies Bankruptcies, total Only enterprises with debts of at least JPY10 million are included. Data covers 12 month numbers for 31 December of each year. Tokyo Shoko Research, Ltd., State of Corporate Bankruptcies References Bank of Japan (2024)[1], “Changes in the Monetary policy Framework” https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2024/k240319a.pdf Bank of Japan (2025)[1], “Changes in the Monetary policy Framework” https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2025/k251219a.pdf Bank of Japan (2025)[2], “Outook for Economic Activity and Price”

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