The Japan Expressway Holding and Debt Repayment Agency was established in October 2005 with six privatized expressway companies within the privatization framework of the highway public corporations.
The missions are to hold and maintain the expressway assets in a good condition and to repay inherited debts from the highway public corporations as well as incremental debts due to new construction of expressway assets. We commit to the steady and full repayment of the debts as well as maintaining the safety and high quality of expressway assets by working closely with the six expressway companies. The repayment scheme is based on utilization of the fees paid by the expressway companies for the lease of the expressway assets. Futher, in cooperation with the expressway companies, we exercise our authority as road administrator in a timely and appropriate manner to ensure the safe and efficient operation of the expressways. For regional assets we also oversee the detailed maintenance and management works appropriate to local conditions thus ensuring that we hand over safe and high quality expressways to the next generation. Interest rate rises are the most critical risk for long-term repayment schedules. We have dealt carefully with the risk by effective liability management such as issuing ultra-long-term bonds during the recent historically low interest rate period in Japan. As a result, we have been outperforming the debt repayment with the current balance well below the original forecast.
Through our website we actively disclose business and operational information such as debt repayment plans, performance comparison tables, annual maintenance reports, as well as the revenue and expenditure results of each route. Our conscientious disclosures exceed the statutory requirements to ensure the transparency and accountability of our operation.
The Shin Tomei Expressway between Hamamatsu-Inasa junction and Toyota-Higashi junction was opened in February, 2016. The opening made us to extend double expressway networks of Tomei Expressway and Shin Tomei Expressway by 200 km, and has significantly reduced the congestion of Tomei Expressway.
New expressway toll system was established in Tokyo metropolitan area in April, 2016. The system accompany with the development of network in a beltway around greater Tokyo area have leaded to reducing heavy traffic in central Tokyo. Additionally, these have leaded to a positive outcome such as an increase of many new distribution facilities built along the beltway.
We will do our utmost to realize a successful and efficient operation of the expressway business to enrich everyone's lives. With your continuous support and guidance, every efforts will be made to meet our commitments.
Japan Expressway Holding and Debt Repayment Agency