Export Credit Agencies (ECAs) are public financial entities that support export finance with government-backed loans, guarantees, or insurance. The degree of state involvement in ECAs’ overseas lending varies. In some countries government organs have the authority to affect ECA’s loaning decisions and channel capital to selected industries with interest rate below market level, while in others state support is minor and ECAs compete with commercial banks without particular government-granted benefit. This proposed research aims to explain the degree of state involvement in Japan’s ECAs. Specifically, I examine the relationship between government organs and two ECAs—Japan Bank of International Cooperation and Japan International Cooperation Agency. Through interviews and archival research, I plan to collect quantitative and qualitative data that characterize state-bank relation in Japan, examine how such relation has involved throughout time, and find out the causal factors that explain the lending mechanism of these ECAs.