Tag: Japan

A key economic policy-setting panel have basically agreed that Japan Post should be privatised in five to 10 years starting in 2007, economic and fiscal policy minister Heizo Takenaka said.

The proposed timeframe is stipulated in a draft interim report on ways to privatise the entity, which was presented by Takenaka during the day’s meeting of the Council on Economic and Fiscal Policy.

A key government panel plans to propose the allocation of an independent accounting system for each postal-related service–mail delivery, postal savings and kanpo life insurance services–to come into effect after the services are privatised, according to the panel’s draft interim report on postal privatisation.

The government should maintain the current universal postal services throughout the nation even after the privatisation of Japan Post, according to a draft proposal by a government panel.

The draft is expected to be endorsed by the Council on Economic and Fiscal Policy, a key economic policy-setting panel.

The Japanese government have unveiled a lineup of key members of a preparatory office in charge of privatising Japan’s postal services, naming Financial Services Agency (FSA) Commissioner Shokichi Takagi as one of two deputy heads.

The government has begun deliberations to place the postal savings business of Japan Post under the jurisdiction of the Financial Services Agency (FSA) at the time of its privatisation in 2007, government sources say.