That one is for full undergrad course in Japan.
The one I went was the Monbukagakusho (MEXT) Scholarship for Japanese Studies Student. Come to think of it, the selection criteria was extremely stringent.
First of all, your CAP in NUS must be between 4.0-5.0 and be active in CCA to be considered as likely candidate. After submitting application, you will have to go through a scholarship selection panel made up of 3-4 professors doctors etc. including department head. Depending on the result of the interview, NUS will sent not more than 5 candidates to the Japan Embassy.
From there, it is only the beginning. The candidates sent by NUS will have to take the proficiency test by Japan's Ministry of Education, Culture, Sports, Science, and Technology, as well as face another scholarship selection panel at the Embassy made up of some big shots. This is worst than JLPT 1 as the test also has written components and short essays, unlike JLPT where you can 'ti kam', and everything, including the interview, is conducted in Japanese.
After that, your application will be send to Japan for further considerations and you will be notified by NUS if you are selected.
That was the process I had to go through to land myself in Japan.
The money was good and the experience was priceless. I managed to pay most of my university school fee with the money I saved from the scholarship.