Japanese Takenaka aware of possible delay in full postal privatisation
Economic and fiscal policy minister Heizo Takenaka on Sunday indicated he understands the need for a possible delay in dividing postal services into several entities by 2007 when the privatisation process starts.
He made the comments on a TV Asahi news program as he referred to the concerns raised by Japan Post and the posts ministry that it is difficult to start the privatisation process with fully divided entities due to computer system-related problems.
Japan Post, created in April 2003 as a government-backed corporation, and the Ministry of Public Management, Home Affairs, Posts and Telecommunications insist that a quasi-governmental corporation handle the planned four business areas for a while.
The government plans to privatize the postal services from 2007 to 2017 by splitting them into four independent concerns for mail delivery, postal savings, life insurance and over-the-counter retail services, and turning Japan Post into a joint-stock company. The four entities will be placed under a holding company.
Commenting on the rehabilitation of struggling retailer Daiei Inc., Takenaka called on Daiei and its main creditor banks to make efforts to restructure the retailer in a drastic and comprehensive manner, saying putting off resolving the problem must be avoided.
On Friday, Daiei presented a new revival plan to its three creditor banks — UFJ Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp. — seeking to turn its ailing business around without help from the state-backed Industrial Revitalisation Corp. of Japan.
But the banks are united in urging Daiei to accept IRCJ assistance, calling for a drastic business improvement by the IRCJ, which is charged with helping revive heavily indebted companies deemed otherwise viable by buying their loans held by banks other than their main creditors.
