Tag: Japan

Japan Post said Friday its mail service had a debt excess of 578.2 billion yen at the time of the public corporation’s establishment on April 1.

In January, before Japan Post came into being, its mail service was estimated to have a debt excess of 391.3 billion yen. But subsequent evaluations of land holdings and post offices across the nation resulted in the larger debt excess.

Japan Post’s entire capital as of April 1 came to 1,268.8 billion yen, according to its balance sheet.

Japan aims to put together a basic plan for the privatization of its postal service by autumn next year, the Nihon Keizai newspaper said, citing Minister of Economy and Financial Services Heizo Takenaka.

Prime Minister Junichiro Koizumi yesterday urged Takenaka to see that a basic policy regarding the postal agency privatization is drawn up, Nikkei said.

Japan Post’s furusato hometown parcel service, which sells and distributes specialty goods particular to various regions of the nation, is gradually being introduced in other parts of Asia.

The postal services corporation, which is looking to increase the amount of overseas business its Express Mail Service handles, has already inked deals with counterparts in South Korea and China, and intends to expand further into Asia.

Japan Post President Masaharu Ikuta said he would not get involved in a debate over privatising the postal service, while emphasizing that they should continue to provide unified postal services nationwide.

Postal authorities from Japan, China and South Korea have agreed to enhance cooperation to improve their services, including the express mail service (EMS), Japan Post said.

The accord was reached during a meeting in Tokyo, which was attended by high-ranking postal officials from the three countries.

They agreed to help each other so that the three countries’ postal administrators can start at an early date guaranteeing the time of deliveries by EMS, which is an international quick delivery service for documents and goods.