Japan Post to increase Post Offices selling Invest -Kyodo

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

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, the news agency said.

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, Kyodo said.

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, the Kyodo report said.

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, according to the new agency.

Japan Post envisages posting Y540 billion in investment trust sales during fiscal 2006 through March 31, 2007, Kyodo said.