General Electric is expected to sell off its commercial lending and leasing operation in Japan that includes a business that finances and manages commercial vehicles, according to a report in the Wall Street Journal.

The held-for-sale commercial lending business in Japan also includes direct lending to industrial firms to purchase heavy machinery and vendor financing. The sale is "still in the early stages," according to the report.

The leasing and equipment finance business in Japan is considered to be more lucrative due to low interest rates. It's expected to draw interest from leading Japanese financial firms such as Mitsubishi UFJ Financial Group, Inc., and Sumitomo Mitsu Financial Group, Inc.

The announcement comes on the heels of General Electric's announcement that it will sell off non-core financing businesses, including GE Capital Fleet Services, GE Capital's North America fleet management unit.