Japan reform endorsed by DPJ

The Democratic Party of Japan (DPJ) kingpin Ichiro Ozawa has endorsed a bill to scale back the planned privatisation of state-owned Japan Post Holdings Co, reports Kyodo. The move increases the likelihood the legislation will pass through the Diet in the current session, it was said on Sunday.

The article continues:

“I take this opportunity to promise to have the bill enacted during this Diet session” in cooperation with the ruling coalition, the DPJ secretary general told national post office chiefs.

Deliberations on the bill started last Tuesday, and a tug-of-war between the ruling coalition and opposition parties is expected in the run-up to the 16 June close of this session and this summer’s House of Councilors election.

Under the bill, the cap on savings accounts at the postal group’s banking unit will be doubled to 20m yen, while the group will be obliged to offer “universal” banking and insurance services throughout the country in addition to mail services.

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