Japan Post to double number of post offices selling mutual funds

Tokyo

Japan Post said Monday it will nearly double the number of post offices offering customers investment trusts to 1,155, starting Oct. 2.

In addition, the government-backed postal services provider will begin enabling holders of accounts for investment trusts to make additional purchases and cancel or alter the type of investment tool via the phone or Internet next year.

Japan Post has described sales of investment trusts as one of the revenue pillars for postal savings banks and over-the-counter service providers at its nationwide offices, which will be created when its 10-year privatization process starts in October 2007.

At present, nine types of investment trust are available at a total of 605 post offices nationwide. In October, 550 post offices will be added to the list.

Telephone-based purchases of additional investment trusts will be enabled in January, to be followed in May by Net-based marketing of such financial instruments.

Japan Post envisages posting 540 billion yen in investment trust sales during fiscal 2006 through March 31, 2007.