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Rating Action:

Moody's affirms eight classes of JPMDB 2016-C4

02 Mar 2021

Approximately $927.2 million of structured securities affected

New York, March 02, 2021 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on eight classes in JPMDB Commercial Mortgage Securities Trust 2016-C4, Commercial Mortgage Pass-Through Certificates, Series 2016-C4 as follows:

Cl. A-1, Affirmed Aaa (sf); previously on Nov 2, 2018 Affirmed Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Nov 2, 2018 Affirmed Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Nov 2, 2018 Affirmed Aaa (sf)

Cl. A-S, Affirmed Aa2 (sf); previously on Nov 2, 2018 Affirmed Aa2 (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Nov 2, 2018 Affirmed Aaa (sf)

Cl. B, Affirmed A1 (sf); previously on Nov 2, 2018 Affirmed A1 (sf)

Cl. X-A*, Affirmed Aa1 (sf); previously on Nov 2, 2018 Affirmed Aa1 (sf)

Cl. X-B*, Affirmed A1 (sf); previously on Nov 2, 2018 Affirmed A1 (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on the six P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges.

The rating on two IO classes, Cl. X-A and Cl. X-B , were affirmed based on the credit quality of the referenced classes.

The coronavirus outbreak, the government measures put in place to contain it, and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Our analysis has considered the effect on the performance of commercial real estate from the current weak US economic activity and a gradual recovery for the coming months. Although an economic recovery is underway, it is tenuous, and its continuation will be closely tied to containment of the virus. As a result, the degree of uncertainty around our forecasts is unusually high. Stress on commercial real estate properties will be most directly stemming from declines in hotel occupancies (particularly related to conference or other group attendance) and declines in foot traffic and sales for non-essential items at retail properties.

We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

Moody's rating action reflects a base expected loss of 6.3% of the current pooled balance compared to 4.5% at Moody's last review. Moody's base expected loss plus realized losses is now 6.1% of the original pooled balance compared to 4.4% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except interest-only classes was "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778. The methodologies used in rating interest-only classes were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

DEAL PERFORMANCE

As of the February 18, 2021 distribution date, the transaction's aggregate certificate balance has decreased by 2.6% to $1.09 billion from $1.12 billion at securitization. The certificates are collateralized by 36 mortgage loans ranging in size from less than 1% to 7.3% of the pool, with the top ten loans (excluding defeasance) constituting 50.3% of the pool. Two loans, constituting 14.6% of the pool, have investment-grade structured credit assessments. One loan, constituting 5.9% of the pool, has defeased and is secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 24, compared to 25 at Moody's last review.

As of the February 2021 remittance report, loans representing 96.1% were current or within their grace period on their debt service payments, 1.5% were 0 to 60 days delinquent, and 2.3% were 90 + days delinquent or in foreclosure.

Thirteen loans, constituting 23.7% of the pool, that currently are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

No loans have been liquidated from the pool and there have been no realized losses to the trust. Three loans, constituting 6.1% of the pool, are currently in special servicing, all of which transferred to special servicing since March 2020.

The largest specially serviced loan is the 100 East Wisconsin Avenue Loan ($28.4 million -- 2.4% of the pool), which represents a pari passu portion of a $49.3 million mortgage loan. The loan is secured in the borrower's fee simple interest in a 435,443 square feet (SF), 35-story Class A office property located in Milwaukee, WI. The property was built in 1988 and is the third tallest building in Wisconsin. The property features a Wells Fargo Bank Branch and some interior retail spaces, as well as an attached, 352-space parking garage. The collateral also includes a 398-space, nine-story parking garage attached via skywalk located at 720 N. Water Street and situated on a 16,888 SF site. Per the September 2020 rent roll, the property is 58% occupied, compared to 88% in December 2019. The largest tenant, Michael Best (90,000 SF, 20.6% of the net rentable area (NRA)) vacated the property at lease expiration. Other tenants including Marcus Corporation (11.6% of NRA), Gruber Law (5.2% of NRA), and The Holter Agency (5.2% of NRA) recently renewed their leases that expired in 2020. The loan transferred to special servicing in May 2020 due to imminent default in relation to the coronavirus outbreak. The loan sponsor informed the lender that multiple tenants had requested rent relief. The borrower has issued a loan modification request which is being reviewed by outside counsel.

The second largest specially serviced loan is the Shops at Avenue North ($25 million -- 2.3% of the pool), which is secured by the borrower's fee simple interest in a 94,014 SF neighborhood shopping center located at the corner of Cecil B. Moore Avenue and N Broad Street in Philadelphia, PA. The property is anchored by an AMC Theatre (39.9% of NRA), and additional tenants include Bank of America, Foot Locker, Metro PCS, and Qdoba. The loan transferred to special servicing in June 2020 due to payment default, in relation to the coronavirus outbreak. The loan is over 90+ days delinquent and was last paid through April 2020. The borrower has requested payment forbearance which is being evaluated by the lender. Due to the historical performance, Moody's has included this loan in the conduit statistics.

The third largest specially serviced loan is the Homewood Suites Troy Loan ($14.9 million -- 1.36% of the pool), which is secured by the borrowers fee simple interest in a 150-room extended stay hotel located in Troy, MI, 6 miles from Detroit CBD. The property was built in 2002. The Interstate 75 is located within 3 miles of the subject and is the major highway in the region. The loan transferred to special servicing in May 2020 due to imminent default as a result of the impact of the coronavirus outbreak. The property transitioned into receivership in June 2020 when the borrower returned the keys to the lender. The asset was actively being marketed through Paramount Lodging Advisors and is currently under contract for sale with closing expected for late March.

Moody's estimates an aggregate $14.1 million loss for the specially serviced loans (34.2% expected loss on average).

The credit risk of loans is determined primarily by two factors: 1) Moody's assessment of the probability of default, which is largely driven by each loan's DSCR, and 2) Moody's assessment of the severity of loss upon a default, which is largely driven by each loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV. As described in the CMBS methodology used to rate this transaction, we make various adjustments to the MLTV. We adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between our sustainable cap rates and market cap rates. We also use an adjusted loan balance that reflects each loan's amortization profile. The MLTV reported in this publication reflects the MLTV before the adjustments described in the methodology.

Moody's received full year 2019 operating results for 99% of the pool, and partial year 2020 operating results for 93% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 121%, compared to 117% at the last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 21.4% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 9.7%.

Moody's actual and stressed conduit DSCRs are 1.55X and 0.89X, respectively, compared to 1.66X and 0.92X at last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the 9 West 57th Street Loan ($80 million -- 7.3% of the pool), which is secured by a 50-story, Class A office building located on West 57th Street in New York City. The building is directly south of the Plaza Hotel and provides views of Central Park above the 27th floor. There is 1.52 million SF of office space, 71,704 SF of grade and lower level retail, 25,005 SF of basement storage space and also a 60,000 SF subterranean parking garage (285 spaces). The loan represents a pari passu portion of a $1.014 billion first mortgage loan. The property is also encumbered with a $186.3 million subordinate B-Note. As of September 2020, the property was 70% leased to 75 tenants, compared to 63.5% at securitization. Apollo Management Holdings (194,494 SF, 12% of NRA) has extended the lease expiring in 2020 on a portion of its space through 2036. Another large tenant, Kohlberg, Kravis, Roberts & Co. (KKR) (196,124 SF, 12% of NRA) vacated the property at lease expiration in 2020. The loan does not benefit from amortization as it provides for interest-only payments for the entire loan term. Moody's structured credit assessment and stressed DSCR are aaa (sca.pd) and 1.31X, respectively.

The second loan with a structured credit assessment is the 10 Hudson Yards Loan ($80 million -- 7.2% of the pool), which represents a pari passu portion of a $708.1 million first mortgage loan. The property is also encumbered with a $191.9 million B-Note and $300.0 million in mezzanine debt. The loan is secured by the fee interest in a 52-story mixed-use office tower containing 1.8 million SF of office, retail, and storage space. The property is located on the corner of 30th Street and 10th Avenue in New York City and was the first tower in the entire Hudson Yards development to be completed and leased. The property has also received a LEED Platinum certification. The five largest tenants at 10 Hudson Yards are Coach, Inc. (30% of NRA), L'Oréal (22% of NRA), Boston Consulting Group (11% of NRA), SAP America (8% of NRA), and Intersection (4% of NRA). As of September 2020, the property was 100% leased, up from 99% in 2018 and 93% at securitization. The loan is interest-only through its entire term and Moody's structured credit assessment and stressed DSCR are aa3 (sca.pd) and 1.27X, respectively.

The top three conduit loans represent 15.7% of the pool balance. The largest conduit loan is the Fresno Fashion Fair Mall Loan ($60 million -- 5.4% of the pool), which is secured by a 536,944 SF portion of the 957,944 SF enclosed and open-air super-regional mall located in Fresno, California. The property is anchored by Macy's, Macy's Men's & Children's, Forever 21, and JC Penney. Notable national inline tenants at the property include Apple, Michael Kors, Cheesecake Factory, Guess, Sephora, Abercrombie & Fitch and Victoria's Secret. The owner invested over $1.8 million for capital improvements in 2020. As of September 2020, the property occupancy was 89%, compared to 91% in June 2018, 96% in December 2017 and 88% at securitization. The loan represents a pari passu portion of a $325 million first mortgage loan. Moody's LTV and stressed DSCR are 133% and 0.73X, respectively, compared to 113% and 0.81X at last review.

The second largest conduit loan is the Windsor Square Loan ($58.5 million -- 5.4% of the pool), which is secured by borrower's fee simple interest in a 661,156 SF anchored-retail shopping center located in Matthews, North Carolina, a suburb of Charlotte. The property is comprised of four multi-tenant buildings and two single-tenant buildings spread over two adjacent parcels. Anchor tenants include Sam's Club, Kohl's and J.C. Penney, each of which own their respective improvements by way of executed ground leases. As of February 2021, the property was 89% occupied, compared to 90% in June 2018, 91% in December 2017 and 94% at securitization. This loan has amortized by 2.4% since securitization. Moody's LTV and stressed DSCR are 135% and 0.78X, respectively, compared to 126% and 0.84X at the last review.

The third largest loan is the PNC Center Loan ($53.4 million -- 4.9% of the pool), which is secured by the fee simple interest in two 16-story, Class A office towers comprising 636,558 SF an office building, located in Indianapolis, Indiana. The property was constructed in 1977 and is located in the central business district of Indianapolis. The two towers are connected by an atrium to the Hyatt Hotel and a skywalk to the 825,000 SF Circle Center Mall. The collateral also includes a total of 305 parking spaces in an underground parking garage. This loan has amortized 8.0% since securitization. As of October 2020, the property was 79% occupied, compared to 89% in December 2019, and 94% at securitization. Moody's LTV and stressed DSCR are 113% and .96X, respectively, compared to 112% and 0.96X at the last review.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Ashton Khan
Associate Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Romina Padhi
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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