Which of the following states are FALSE? ( )

I. The foreign bond market sector of the Japanese bond market consists of non-Japanese entities that are issued outside of Japan."

II."A country's semi-government bonds carry the full faith and credit of the central government."

III. "In the United States, all federal agency bonds carry the full faith and credit of the U.S. government."

A) I, II& III

B) I& III only

C) II &III only