The Japanese postal ministry has drawn up a blueprint
which will transfer many powers held by parliament to a public corporation
which will take over postal operations in 2003, a news report said Tuesday.
These powers include closing, merging and opening post offices and buying
and selling property. These currently require the approval of the Diet
(parliament), the Nihon Keizai Shimbun newspaper said.
Bank of Japan Gov. Masaru Hayami may use vague terms when he talks
about financial policy, but he is crystal clear when he refers to
the controversial issue of privatization of postal services. Hayami told a meeting of managers from the central bank’s branches
held on Wednesday that from the standpoint of maximizing the
vitality of private-sector financial institutions, it is important
to reevaluate the future direction of public banking services. His remark was apparently a clarification of his support for the
privatization of postal savings, long advocated by Prime Minister
Junichiro Koizumi as part of a comprehensive review of the postal
services. Hayami is seen as identifying himself with Koizumi’s
reform initiative, the centerpiece of which is a comprehensive
review of postal services
The Public Management Ministry [Japan] is studying ways to allow the planned Postal Public Corporation to own stakes in private firms by, for example, acquiring domestic and foreign trucking firms and buying stocks issued by private businesses, ministry sources said. The plan is part of efforts to set up distribution networks that will complement similar systems operated by postal offices across the country, with the aim of providing more efficient postal services.
Read MoreThe mail and postal savings services at almost all of the 12 regional postal bureaus were in the red ink for three years from fiscal 1997.
Read MoreThe postal ministry of Japan has come out with drastic measures as a counterproposal to Prime Minister Junichiro Koizumi’s plans to privatise postal services. Reports from The Asahi Shimbun newspaper say it has obtained documents showing the Ministry of Public Management, Home Affairs, Posts and Telecommunications is attempting to substantially improve the inefficient nature of postal services -mail delivery, postal savings and postal insurance -although it falls short of accepting privatisation.
The services are expected to be converted into a public corporation in April 2003. However, the details of how this will be done remain under wraps.
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