The Bank of Japan's support for Japanese enterprises’ expansion into overseas markets has become a special feature. At least eight institutions in Japan have participated in the promotion of cross-border mergers and acquisitions, including the Ministry of Foreign Affairs, the Ministry of Economy, Trade and Industry, the Ministry of Finance, and the Bank of Japan. The sufficient capital and long-term sources of low-cost funds, together with tax-free concessions have ensured the low-cost operation of policy-based financial institutions, making the Japanese government's financial policies that support overseas investment, cross-border mergers and acquisitions to be extremely competitive.