Japan bankers oppose plan to allow Post Offices sell investment trusts
Nine banking industry groups, including those for both major banks and smaller savings institutions, issued a joint statement Monday, voicing opposition to the government’s plan to let post offices sell investment trusts.
The joint statement said post offices under state-run Japan Post should not be allowed to sell investment trusts as it could adversely affect the private-sector businesses.
The nine groups include the Japanese Bankers Association, Trust Companies Association of Japan, Regional Banks Association of Japan, Norinchukin Bank, Central Union of Agricultural Cooperatives and associations for “shinkin” savings banks and credit unions.
The government is considering using the massive, nationwide networks of post offices to encourage individuals to buy investment trusts as a step to prop up the sluggish stock market.
“We can never allow Japan Post as a public entity to take advantage of its post offices to sell investment trusts,” the Japanese Bankers Association said in a statement.
Japan Post was inaugurated April 1 to take over the three services of mail delivery, postal savings and “kampo” life insurance from the governmental Postal Services Agency.
