New privatisation plans for Japan Post may be announced
New privatisation plans for Japan Post may be announced later this week by the Japanese government. The plans are part of former prime minister Junichiro Koizumi’s reforms, and were put on hold after the Democratic Party-led government took power last year.
Postal service operator Japan Post provides retail banking and insurance services through its 24,000 post offices. With financial assets of about ¥300 trillion (US$3.4 trillion) – more than France’s GDP – it is Japan’s largest financial institution.
Even small changes in its business strategy can sway global financial markets and the financial industry. It is also one of Japan’s largest companies with 240,000 employees.
With the profitability of its mail service likely to slide due to increased use of email and Japan’s shrinking population, Japan Post’s financial services are considered crucial to the country’s economy.
The government plans to merge deliveries and post office services into the parent company and sell shares in it as well as in its two financial subsidiaries – Japan Post Bank and Japan Post Insurance. The privatisation plans are still up in the air.
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