fiscal status offiscal status of shizuoka prefectureshizuoka
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Fiscal Status ofFiscal Status ofShizuoka PrefectureShizuoka Prefecture
September 2012September 2012
2
1 Overview of Shizuoka
(1)Location and Scale 5
(2)Stable Economic Foundation 6
(3)Economic Scale 7
(4)Transportation Infrastructure 8
(5)Active Industrial Location 9
(6)Abundant Tourism Resources 10
2 Fiscal Position of Shizuoka
(1)Change in Revenue Accounts 12
(2)Change in Expenditure Accounts 13
(3)Status of Debts 14
(4)Medium-term Fiscal Outlook 15
3 Bond Management of Shizuoka
(1)Management of Prefectural Bonds 17
(2)Prefectural Bond Issuance Plan 18
4 Reference Materials
Table of Contents
Presentation Highlights
3
1. Shizuoka has active industries and strong economicfundamentals
2. Shizuoka constantly performs administrative reformand sustains a healthy budget
3. Shizuoka prefectural bonds have received high creditratings from two credit rating companies (Aa3 fromMoody's and AA+ from R&I)
⇒ Overview of Shizuoka (P4 – P10)
⇒ Fiscal Position of Shizuoka (P11 – P15)
⇒ Bond Management of Shizuoka(P16 – P18)
•Mt. Fuji (3,776m, highest point in Japan)
•Annual Number of Mountain Climbers: approx. 300,000)
1 Overview of Shizuoka
ShizuokaPrefecture
Located in the center of Japan
・Situated between Tokyo and Nagoya(Travel time by Shinkansen)
Tokyo, Nagoya: 1hr, Osaka: 2hrs
・Economic activity within a 300km radius ofShizuoka accounts for 70% of the JapaneseGDP
Per capita income ranked 5th(out of 47 prefectures)
・Population: 3.75 million (Ranked 10th largest)
・Area: 7,780 ㎢ (Ranked 13th largest)
●Per Capita Income: approx. JPY 3 million(Ranked 5th highest)
Nagoya1hr
Tokyo1hr
Osaka2hrs
300kmradius
5
Overview of Shizuoka - Location and Scale
● Revenue from manufacturedproducts (Ranked 3rd in Japan)Ranked 1st Electrical devices /Beverages, Cigarettes, Foodstuffs /Pulp, Paper
Ranked 2nd Transportation equipmentmanufacturing
・SUZUKI, YAMAHA, HONDA, all nowglobal brand name companies,were founded in Shizuoka
・The founders of YAMAHA, HONDA,and TOYOTA were born in Shizuoka
Major Prefectural Companies
6
15,793billion yen
Beverages,cigarettes,foodstuff
Foods
General
machinery
IT/telecom
equipment
Chemicals
Electrical
devices
Pulp, paper
27.6%Others23.0%
12.0%
8.9%
5.5%
6.8%7.1%
3.9%
5.2%
Transportationequipment
3rd Ranked
PianoManufacturing
Total revenue from manufactured products (2010)
Leading domestic"Land of Manufacturers"
Balanced Industrial Structure
Overview of Shizuoka - Stable Economic Foundation
7
GDP comparable to the Philippines・GDP: US$188,900,000,000
・Ranked 10th in Japan (out of 47 prefectures)
GDP of Shizuoka and Other Countries (2009)
Indonesi
a
SaudiAra
bia
Taiw
an
Iran
Thailand
Mala
ysi
a
Hong
Kong
Singapore
Isra
el
Philip
pin
es
Shiz
uoka
Pakis
tan
Kuw
ait
Qata
r
Unit: Billion dollars
Overview of Shizuoka - Economic Scale
189 189 175131 130
213223225238319357
431444
707
0
100
200
300
400
500
600
700
800
TagonouraPort
Port ofShimizu
OmaezakiPort
Domestic Routes 4 routes 35
round-trips per week International Routes 4 routes 21
round-trips per week
<Destinations>
・Seoul, Shanghai, Wuhan, Taipei
Port of Shimizu: 23.5
routes per week to
China, South East Asia,
North America, etc…
Suruga Bay Port
TokaidoShinkansen
Tomei Expressway
New TomeiExpressway
Port of Shimizu
Upgrade to the road trafficnetwork with the opening ofthe New Tomei Expressway inApril 2012 running parallel tothe Tomei Expressway, amajor artery of Japan.
8
Overview of Shizuoka - Transportation Infrastructure
2008: Ranked 1st (144)
2009: Ranked 5th (44)
2010: Ranked 4th (41)
2011: Ranked 3rd (37)
45 global companies with bases ofoperations established in Shizuoka
Attracting global companies
High Level of IndustrialLocations
Germany
Moeller
Osram-Melco
Netherlands
New Tritec
France
Cosmeroll
Imerys Minerals
Switzerland
ABB
Schindler Elevator
Liechtenstein
Triumph
Austria
Ecka-granules
9
No. of Global Companies in Shizuoka by Country
Overview of Shizuoka - Active Industrial Location
1
1
1
1
23
7
3
3
1
1
1
1
1
United States
Switzerland
Germany
France
Netherlands
Sweden
China
Austria
Luxembourg
Denmark
Liechtenstein
Singapore
Italy
Taipei
Shanghai
Seoul
HongKong
Mt. Fuji Shizuoka Airport
Wuhan
Including efforts to register
Mt. Fuji as a world heritage
next fiscal year, Shizuoka is
also the location of the
renowned tourist spot, Izu
Peninsula.
Largest number of Japanese
style inns (ryokan) and hot
spring facilities in Japan.
10
Overview of Shizuoka - Abundant Tourism Resources
Hot springsShirakabe-soh
Asagiri Food Court and Mt. Fuji
“Diamond-Fuji” seen from the lakeside of Tanukiko
2 Fiscal Position of Shizuoka
ShizuokaPrefecture
12
Decline in tax revenue has stoppedand stabilized after bottoming out
39.6%
32.2%
49.9%
36.3%
17.0%
1,133
1,445
1,131
0
500
1,000
1,500
FY1998
FY1999
FY2000
FY2001
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
est
imate
0%
20%
40%
60%
80%
Prefectural Tax Prefectural Bonds
Others Prefectural Tax as % of Total (right axis)
Prefectural Bonds as % of Total (right axis)
Fiscal Position of Shizuoka-Change in Revenue Accounts
Unit: Billion yen
Reduction in expenditures through administrative reform
488
170
51.3%56.4%55.5%53.9%
42.0%
34.1%
14.8% 14.2% 15.0%
1,131
1,3631,431
0
500
1,000
1,500
FY1998
FY1999
FY2000
FY2001
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
est
imate
0%
20%
40%
60%
80%
Mandatory Expenses Investment ExpensesOthers Mandatory Expenses as % of Total (right axis)Investment Expenses as % of Total (right axis)
13
• 20% reduction in staff over 10 years• Over 50% reduction in investment
expenses over 10 years
Fiscal Position of Shizuoka-Change in Expenditure Accounts
Unit: Billion yen
Surplus maintained for primary balance
14
CategoryEnd of FY2011(billion yen)
Status
Prefecturalbond balance
2,532Proportion of GDP (2009): approx. 16%
Note: National figure approx. 129%
Category End of 2011 (billion yen) Status
Primary balance 109 Surplus maintained
Fiscal Position of Shizuoka-Status of Debts and PB
15
All fiscal indicators established by the national government are healthy
All four indicators are lower than the nationally established standards
4 Indicators* DescriptionFiscal
2011
Mid-Term Outlook National Standard
Fiscal
2012
Fiscal
2014
Fiscal
2016
Early
warning
limit
Reconstru
ction limit
Real deficit ratio
Amount of general account
deficit as a proportion of fiscal
scale
(Surplus) (Surplus) (Surplus) (Surplus) 3.75% 5.0%
Consolidated real
deficit ratio
Amount of all account deficits as
a proportion of fiscal scale(Surplus) (Surplus) (Surplus) (Surplus) 8.75% 25.0%
Real debt
payment ratio
Public debt expenses as a
proportion of fiscal scale15.3% 14.9% 14.9% 15.2% 25.0% 35.0%
Future burden
ratio
Prefectural bond balance as a
proportion of fiscal scale248.2% 253.1% 263.8% 266.8% 400.0% -
* With the exception of the Future Burden Ratio, if national standards are exceeded, national government authorizationand additional national government involvement is required to issue bonds
Fiscal Position of Shizuoka – Medium term Fiscal Outlook
Japanese paintings (Ukiyo-e) “Gaifu-Kaisei”
3 Bond Management of Shizuoka
ShizuokaPrefecture
BIS Risk Weight : 0%
IssuancePolicy
IssuancePolicy
Maturity : 5y, 10y, 15y, 20y and 30y
Format: Japanese domestic municipal bondLocal Government bond
creditworthiness
and Safety of Japanese LGB
• There are strong financialsupport system and checksystem for LGs by NG(National Government).
• The bankruptcy ofLGs(Local Governments)and debt discharge of LGBis NOT allowed undercurrent Japanese system.
• Therefore, payment failurehas NOT happened up tonow.
• From these facts, Japanesefinancial authorityassigned 0 % riskweight toLGB in the standardizedapproach of BIS regulations(Basel II).
Accumulation rule for Sinking FundAccumulation of 3.7% (1/27th) of total prefectural bond
issuance after 3 year deferral period (Lump sumpayment at maturity)
格付投資情報センター(R&I) ムーディーズ
Aa3安定的
• Relatively low debt burden when comparedwith other local government organizations
• Excluding supplementary debt, prefectural debtbalances have continuously decreased; healthyfiscal management and solid local economicfundamentals
l 中長期的に経済基盤が損なわれる可能性は低いl 地域経済活性化と財政健全化を意識した県政運営
参考:国債格付・・・Aa3安定的
格付会社のコメント(23年12月)
参考:国債格付・・・AA+安定的
l Shizuoka Issued Bond Ratings
格付会社のコメント(23年12月)
AA+安定的
Rating and Investment Information, Inc. Moody’s
Aa3Stable
• Low likelihood of damage to economicfundamentals in the mid to long term
• Prefectural administration focusing onstimulating the local economy and maintaininga healthy fiscal status
Reference: Bond Rating Aa3 Stable
Rating Company Comment (Dec 2011)
Reference: Bond Rating AA+ Stable
l
AA+ Stable
Rating Company Comment (Dec 2011)
Management of Prefectural Bonds
17
18
● Shizuoka Prefectural BondIssuance Plan - Fiscal 2012
5-Year (FY201~)
Maturity Rate SpreadIssue Amount
(¥bil) MDY R&I Launch Date2017/6/21 0.272 JGB+3.0bp 20 - AA+ 2012/6/62017/4/20 0.394 JGB+4.0bp 10 Aa3 AA+ 2012/4/4
10-Year (FY2012~)
Maturity Rate SpreadIssue Amount
(¥bil) MDY R&I Launch Date2022/7/20 0.849 JGB+3.5bp 10 Aa3 AA+ 2012/7/42022/5/20 0.906 JGB+4.5bp 20 Aa3 AA+ 2012/5/92022/4/20 1.068 JGB+3.5bp 10 Aa3 AA+ 2012/4/4
15-Year
Maturity Rate SpreadIssue Amount
(¥bil) MDY R&I Launch Date2027/6/25 1.406 JGB+2.5bp 10 Aa3 AA+ 2012/6/152027/3/19 1.514 JGB+2.5bp 10 Aa3 AA+ 2012/3/7
20-Year (FY2010~)
Maturity Rate SpreadIssue Amount
(¥bil) MDY R&I Launch Date2032/6/18 1.736 JGB+7.0bp 20 - AA+ 2012/6/82031/10/171.777 JGB+7.0bp 20 Aa3 AA+ 2011/10/62031/6/20 2.003 JGB+9.0bp 10 Aa3 AA+ 2011/6/102030/10/181.841JGB+11.0bp 10 Aa3 AA+ 2010/10/82030/6/14 2.072 JGB+6.0bp 10 Aa3 AA+ 2010/6/3
30-Year
Maturity Rate Spread
IssuingAmount(¥bil) MDY R&I Launch Date
2042/9/19 2.092JGB+18.0bp 10 Aa3 AA+ 2012/9/72041/9/20 2.108JGB+15.0bp 20 Aa3 AA+ 2011/11/22040/9/20 2.198JGB+19.0bp 20 Aa3 AA+ 2010/11/112039/9/20 2.381JGB+14.0bp 20 Aa3 AA+ 2009/11/122038/9/17 2.54 JGB+27.0bp 20 Aa3 AA+ 2008/11/13
Expected Issuance from October■10-year: 30 billion yen
(Oct: 10 billion yen, March: 20 billion yen)
■ 5-year:20 billion yen(Nov: 10 billion yen, March: 10 billion yen)
■20-year:10 billion yen(After Oct: 10 billion yen)
329.0Total
59Others
270Total Public Offering
60Joint Issuances (10-year)
210Sub-Total
30Others
1030-year
3020-year
8010-year
605-year
ShizuokaPrefecturalBond
Issue Amount(Unit: Billion yen)
Prefectural Bond Issuance Plan
※Non-residents and non-domestic entities are exempted frompaying taxes on the interest of transfer local government bonds.The procedures have been simplified from June 2010.
● Japanese Local Government Bonds
● Fiscal Health Indicators
● General Accounts - Change in Revenues
● General Accounts - Change in Expenditures
● Change in Prefectural Bond Balance
● Change in Primary Balance
● Status of Sinking Fund Reserves
● Financial Statements (Fiscal 2010)
4 Reference Materials
ShizuokaPrefecture
Japanese local government bonds have a risk weight of zero as a result of powerful national fiscal backing, a tax systemdesigned to prevent failure and other measures as described below.
From January 1, 2008, tax exemption measures apply with respect to the interest on transfer local government bonds fornon-residents and non-domestic entities which satisfy the following prescribed conditions. Prior to that, a 15% sourcededuction was deducted from interest earned on Japanese local government bonds by non-residents etc.
Settled through the Japan Securities Depository Center, Inc. ■ Non-resident holds the bonds through a qualified foreign intermediary orqualified account management institution etc
Submits the appropriate tax exemption form
Effective June 2010, the following has been implemented to simplify thetax exemption procedures related to interest earned on transfer localgovernment bonds by non-residents and expand those qualified for taxexemption status.
Furthermore, it is now possible to settle with Euroclear.
Simplification of procedures by the elimination of separate individual bookkeeping undercertain prescribed conditions, and a change from having to perform tax exemptionprocedures for each issuer (several) to just each transfer institution.
Expansion of the range of qualified foreign securities investment trusts, and tax exemptionstatus for redemption profit and loss
Non-residents/Non-domestic entities
Qualified foreign intermediary
(including Clearstream, Euroclear)
Specified transfer institution (subcustodian)
Director of tax office with jurisdictionover the specified transfer institution
Simplification of tax exemption procedures
1.Local Issue Tax System
When determining budgets for each fiscal year, the national government sets forth an estimate of revenues and expenditures for all localgovernments, and guarantees revenue shortfalls.
As a part of this system, the national government provides backing for the redemption of the principal and interest of local government bonds,thereby strengthening the repayment capacity of local government bonds by local governments.
2.Bond issuance approval system as an early correction measure
■ Local governments must discuss with the national government before issuing bonds, and receive confirmation that the new bond issuance isreasonable and will not negatively affect the the local governments' future ability to repay principal and interest of local government bonds.
20
(Reference) Japanese Local Government Bonds
Real deficit ratio
Amount of general account based real deficit as aproportion of standard fiscal scale, serving as anindicator of the deficit level, and the extent ofdeterioration of fiscal management.
Consolidated realdeficit ratio
Amount of all account (including publiccorporation accounts) based real deficit oramount of fund shortage as a proportion ofstandard fiscal scale, serving as an indicator of thedeficit level and the extent of deterioration offiscal management by combining the deficits andsurpluses of all accounts.
Real debt paymentratio
Amount of redemption of principal and interestcovered by general accounts as a proportion offiscal scale, serving as an indicator of the amountpayable for local government bonds and cash flowlevels.
Future burden ratio
Real debt, including investment entities engagingin local public corporations and losscompensation, to be covered by general accountsas a proportion of fiscal scale, serving as anindicator of the current balance of localgovernment bonds and bonds likely to be paid inthe future by general accounts, and the extent ofpressure on future finances.
With the implementation in April 2008 of the "Act on Assurance of Sound Financial Status of Local Governments," thefiscal status of local governments are objectively represented, and as a measure to evaluate the fiscal health or need forrestructuring, the following four fiscal indicators have been set forth as Fiscal Health Evaluation Ratios, and accordingly,all local governments are required each fiscal year to have their Fiscal Health Evaluation Ratios as based on figures forthe previous fiscal year, examined by an evaluation committee, and then report those results to the local assembly andlocal residents.
If even one of the Fiscal Health Evaluation Ratios exceeds the early warning limit standard, in addition to an externalaudit, a Fiscal Improvement Plan must be prepared and improvement efforts will be encouraged; if the 3 indicatorsexcluding the Future Burden Ratio worsens and any one of the indicators exceeds the reconstruction limit, additionalnational government involvement including the partial limitation on the issuance of bonds may be effected.
<<Illustration>>
Healthy stage (attention paid to maintain indicatorsand information disclosure)●Evaluation by evaluation committee, reporting to
local assembly, public announcement
Early-warning stage(Fiscal improvement by voluntary effort)●Preparation of Fiscal Improvement Plan (approved
by local assembly), public announcement●Mandatory external audit●Reporting to local assembly of status of plan
implementation, public announcement
Fiscal reconstruction stage (reconstruction involvingnational government)●Preparation of Fiscal Reconstruction Plan
(approved by local assembly), public announcement●Mandatory external audit●Discussion with and approval of Fiscal
Reconstruction Plan by Minister for Internal Affairs andCommunications● Reporting to local assembly of status of plan
implementation, public announcement
FiscallyHealthy
FiscalCollapse
21
(Reference) Fiscal Health Indicators
Reconstruction limit
Early warning limit
22
* Fiscal 2012 figures are initial budget estimates, actual figures provided up to Fiscal 2011
(Units: billion yen, %)
(Reference) General Accounts – Change in Revenue
1,1311,1501,1691,2151,1441,1431,1341,1331,1671,1861,2241,3801,3711,4061,445Total
23.322.219.617.515.116.422.019.318.516.216.519.120.021.722.0% of Total
263256230212172188249218216192201264274306318Others
17.017.018.819.316.112.511.111.914.415.715.915.213.215.719.3% of Total
192195220234184143125135168186194210180221279Prefectural Bonds
10.711.912.816.611.410.311.213.615.516.016.816.816.216.616.8% of Total
121137149202130118127154181190206231223233243National TreasuryDisbursements
13.914.314.412.210.111.212.714.914.116.216.715.015.614.09.1% of Total
158164168148116128144169165192205207214197131Local AllocationTax
35.134.634.434.447.349.643.040.337.535.934.133.935.032.032.8% of Total
397398402418541567488457438425418468480449473Prefectural Tax
FY2012
FY2011
FY2010
FY2009
FY2008
FY2007
FY2006
FY2005
FY2004
FY2003
FY2002
FY2001
FY2000
FY1999
FY1998Categories
23
(Reference) General Accounts – Change in Expenditures
1,1311,1351,1541,2041,1341,1321,1221,1211,1551,1691,2111,3631,3541,3921,431Total
28.630.431.332.727.526.525.624.423.222.821.024.823.524.423.9% of Total
323345361394312300287273268266254338318338341Others
6.76.26.88.610.09.79.69.610.410.911.513.113.915.518.1% of Total
757079103113110107108120128140179188217259Standalone
8.38.08.07.47.98.99.910.711.912.814.514.014.715.716.0% of Total
9490928990101111120137150175191199219229Public/Direct
15.014.114.916.017.918.619.520.322.323.726.027.128.631.234.1% of Total
170160171192203211219228258277315369387435488Investment Expenses
1.00.50.20.10.30.30.30.70.80.80.70.60.40.70.9% of Total
116313448999861013Disaster RecoveryExpenses
15.215.114.713.914.214.014.114.715.014.713.913.113.611.19.7% of Total
172172170168161159158165174173168179185155139Bond Expenses
7.57.16.76.06.15.85.65.04.94.65.04.34.03.22.9% of Total
858177726966635657546159554441Social AidExpenses
32.732.832.331.334.034.834.934.933.833.433.430.129.929.428.5% of Total
370372373377386393392391390390404410405410408PersonnelExpenses
56.455.553.951.354.654.954.955.354.553.553.048.147.944.442.0% of Total
638630623618619622617621629626642656649619601Mandatory Expenses
FY2012
FY2011
FY2010
FY2009
FY2008
FY2007
FY2006
FY2005
FY2004
FY2003
FY2002
FY2001
FY2000
FY1999
FY1998Categories
(Units: billion yen, %)
* Fiscal 2012 figures are initial budget estimates, actual figures provided up to Fiscal 2011
24
(Reference) Change in Prefectural Bond Balance
(Units: billion yen)
1,9212,050 2,115
2,2282,318 2,373 2,401 2,401 2,402 2,419 2,479
2,579 2,663 2,719 2,794
0
500
1,000
1,500
2,000
2,500
3,000FY1998
FY1999
FY2000
FY2001
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
est
imate
General Account Special Account Corporate Account
25
(Reference) Change in Primary Balance
109113
10
26
44
7773
58
75
0
20
40
60
80
100
120
FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011
(Units: billion yen)
Accumulation of 3.7% (1/27th) of total prefectural bondissuance after 3 year deferral period
314
275
237
208216211
183
164144
0
50
100
150
200
250
300
350
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
estimate
26
(Reference) Status of Sinking Fund Reserves
(Units: billion yen)
27
(Reference) Financial Statements (Fiscal 2010)
19.7Taxes receivable
43082 Non-Financial Assets
-3.9Bad debt reserve
5025.7TOTAL LIABILITIES AND NETASSETS5025.7TOTAL ASSETS
71.8Others1576.6Total Net Assets182.5Public use facility assets
AmountNET ASSETS852.5Public use land assets2749.8(2) Infrastructure Assets
3449.1TOTAL LIABILITIES6.2Non-tangible fixed assets,inventory assets
34.1(5) Others1530.9Tangible fixed assets13.2(4) Other reserves1558.2(1) Business Assets
395.3(3) Retirement benefitreserves
30.3Others26.8(2) Loans427.6Funds
2776.2(1) Local government bonds35.1Investment capital3245.62 Non-Current Liabilities493(4) Investments
10.6(5) Others27.9(3) Financial securities
151.2(4) Expected LGB redemptionnext fiscal year
62.6Loans, Others22.1(3) Bonus provisions20.8Accounts receivable
8.3(2) Advances received anddeferred income
99.2(2) Credits11.3(1) Accured expenses97.6(1) Cash
203.51 Current Liabilities717.71 Financial AssetsAmountLiabilitiesAmountAssets
● Balance Sheet
● Statement of Changes in Net Assets
1576.6Balance at end of current period
-74.2III Other changes in net assets
167.9II Revenue sources appropriated for asset formation
-46I Change in revenue source
1528.8Balance at end of previous period
Amount
● Statement of Cash Flow
97.6Closing funds balance
83.9Opening funds balance
13.7Current period income and expenditure
13.53 Financial income and expenditure
-1162 Capital income and expenditure
116.21 Ordinary income and expenditure
Amount
815.7Net Ordinary Expenses A-B
139.7Ordinary Income B26.7Business related income
113.1Business income955.4Ordinary Expenses A310.52 Moving expenses52.4Interest on loans, Others
45.9Public bond expenses(interest payable)
98.3(4) Business related expenses15.3Others0.1Bad debt reserves carried over22Outsourcing expenses
3.9Business expenses41.3(3) Expenses31.4Others35.8Depreciation expenses17.5Maintenance expenses13.5Supply expenses98.1(2) Building expenses83.4Others27.1Retirement benefit expenses21.3Bonus reserves carried over
275.3Employee wages407.1(1) Personnel expenses644.91 Ordinary Business Expenses
Amount● Statement of Administrative Costs
Address : Finance Division, Management Department
9-6 Otemachi, Aoi-ku, Shizuoka-City,
Shizuoka Prefecture 420-8601, JAPAN
TEL:054-221-2036
FAX:054-221-2750
Email: [email protected]
URL:
http://www.pref.shizuoka.jp/a_foreign/english/index.html
Shizuoka Prefecture