Japan Post(Nhật Bản bưu chính công xã,Nippon Yūsei Kōsha)was a Japanesestatutory corporationthat existed from 2003 to 2007, offering postal and package delivery services,banking services,and life insurance. It is the nation's largest employer, with over 400,000employees,and runs 24,700post officesthroughout Japan. One third of all Japanese government employees work for Japan Post. As of 2005, the President of the company wasMasaharu Ikuta,formerly Chairman ofMitsui O.S.K. Lines Ltd.
 | |
Native name | Nhật Bản bưu chính công xã |
|---|---|
Romanizedname | Nippon Yūsei Kōsha |
| Company type | Statutory corporation |
| Industry | Courier |
| Predecessor | Postal Services Agency of theMinistry of Public Management, Home Affairs, Posts and Telecommunications |
| Founded | 1 April 2003,by reorganization of the Postal Services Agency |
| Defunct | 1 October 2007 |
| Fate | Privatized |
| Successor | Japan Post Holdings |
| Headquarters | , Japan |
Key people | Maejima Hisoka |
| Revenue |  ¥23,061 billionJPY(2006) |
| ¥1,993 billionJPY(2006) | |
Number of employees | 256,572 (full-time,2006) |
| Divisions | Postal Service, Postal Savings, Postal Life Insurance |
Japan Post ran the world's largestpostal savings systemand is often said to be the largest holder of personal savings in the world: with ¥224trillion($2.1 trillion) of household assets in itsyū-chosavings accounts, and ¥126 trillion ($1.2 trillion) of household assets in itskampolife insurance services; its holdings account for 25 percent of household assets in Japan. Japan Post also holds about ¥140 trillion (one fifth) of the Japanese national debt in the form of government bonds.
On October 1, 2007, Japan Post wasprivatizedfollowing a fierce political debate that was settled by thegeneral election of 2005.[1]The major concern was Japan Post, with government backing, stymieing competition and giving politicians access to postal savings to fund pet projects.[2]Japan Post was split into three companies in 2007, intending to be privatized by 2017.[2]Following privatization,Japan Post Holdingsoperate the postal business.
In 2010, the privatization was put on hold, with theJapanese Ministry of Financeremaining the 100% shareholder. However, on October 26, 2012, theJapanesegovernmentunveiled plans to list shares of Japan Post Holdings within three years, partly to raisemoneyfor the reconstruction of areas devastated by theearthquake and tsunami of 2011.[3]As of 2020, the government still holds 57% of shares, and March 2028 was announced as the target date ofprivatization.[2]In October 2021, the Japanese government completed its majority privatisation process of Japan Post Holdings, but also still maintained control of most of the company's stock.[4][5]
Postal privatization
editThe company was born on April 2, 2003, as a government-owned corporation, replacing the old Postal Services Agency of theMinistry of Public Management, Home Affairs, Posts and Telecommunications(Tổng vụ tỉnh bưu chính sự nghiệp sảnh,Sōmu-shō Yūsei Jigyōchō).Japan Post's formation was part of thenPrime MinisterJunichiro Koizumi's long-term reform plan and was intended to culminate in the fullprivatizationof the postal service. The privatization plan encountered both support and opposition across the Japanese political spectrum, including the two largest parties, theLDPand theDPJ.Opponents claimed that the move would result in the closure of post offices and job losses at the nation's largest employer. However, proponents contended that privatization would allow for a more efficient and flexible use of the company's funds, which would help revitalize Japan's economy. Proponents also claimed that Japan Post had become an enormous source of corruption and patronage. Koizumi called the privatization a major element in his efforts to curb government spending and the growth of the national debt. Most opposition parties supported postal privatization in principle, but criticized Koizumi's bill. Many considered the bill deeply flawed because it provided for too long a period for full implementation and included too many loopholes that might create a privatization in name only.
In September 2003, Koizumi's cabinet proposed splitting Japan Post into four separate companies: a bank, an insurance company, a postal service company, and a fourth company to handle the post offices as retail outlets for the other three entities. Each of these companies would be privatized in April 2007. In 2005, theLower Houseof theJapanese legislaturepassed the bill to complete this reform by a handful of votes, with many members of Koizumi's LDP voting against their own government. The bill was subsequently defeated in theUpper Housebecause of scores of defections from the ruling coalition. Koizumi immediately dissolved the lower house and scheduleda general electionto be held on September 11, 2005. He declared the election to be a referendum on postal privatization. Koizumi won this election, gaining the necessarysupermajorityin the lower house, which he took as a mandate for reform.
The final version of the bill to privatize Japan Post in 2007 was passed in October 2005.[6]It officially abolished Japan Post, with its branches broken up into ashareholding companyand four other companies for postal service, postal savings, postal life insurance, and post office service networks.[7]The legislation provided a 10-year transition period wherein the savings and insurance companies would be fully privatized while the government would still continue to be involved with the three other companies.[7]The law also stated that Japan Post Bank and Japan Post Insurance are to go public in 2010 and their shares would be made available to the market two years later.[8][9]However, the majority privatisation process, which nonetheless saw the Japanese government still maintain control of one-third of the company's stock, was completed in October 2021.[4][5]The Japanese government also still remains the company's largest stockholder.[4][5]
Concerns and opportunities
editThere were fears that the postal service branch of the Japan Post would be disadvantaged after its break from the banking and insurance branches. It is believed that it was losing money and is merely subsidized by the two financial divisions, which are more profitable.[10]To cover a lack of financial resources, many observers advocated for diversification in order to attain profitability. This includes a potential entry into thelogistics business,which Japan Post itself has signified it would pursue post-privatization.[10]Studies also revealed that the new companies are poised to gain from emerging opportunities in the market. Aside from international logistics, there are alsosecuritization,consumer lending,andhealth care,among others.[10][9][11][12]
See also
editNotes
edit- ^Maclachlan, Patricia L. (2024)."Mechanisms of Resistance: Informal Institutional Impediments to Japanese Postal Privatization".Comparative Politics.doi:10.5129/001041524x17292553869970.
- ^abc"Japan Post's zombie privatization is warning to Shinzo Abe".Nikkei Asian Review.Retrieved2020-07-16.
- ^"Japan govt aims to list Japan Post in three years".Reuters.October 26, 2012.
- ^abc"Japan to sell 27% of Japan Post to raise reconstruction funds".The Japan Times. Reuters. October 21, 2021.RetrievedDecember 11,2021.
- ^abcLewis, Leo; Inagaki, Kana (2021-10-06)."Japan Post pushes ahead with $9bn share sale".Financial Times.Archivedfrom the original on 2022-12-10.Retrieved2021-12-08.
- ^Takahara, "All Eyes on Japan Post"Faiola, Anthony (15 October 2005)."Japan Approves Postal Privatization".Washington Post.p. A10.Retrieved9 February2007.
- ^abKawabata, Eiji (2006).Contemporary Government Reform in Japan: The Dual State in Flux.New York: Palgrave Macmillan. pp.84.ISBN9781403971128.
- ^Tselichtchev, Ivan; Debroux, Philippe (2012).Asia's Turning Point: An Introduction to Asia's Dynamic Economies at the Dawn of the New Century.Hoboken: John Wiley & sons.ISBN9781118580622.
- ^ab"Japan Post to deliver mail by drone by 2023".Post & Parcel.2021-06-16.Retrieved2021-07-15.
- ^abcCrew, Michael; Kleindorfer, Paul (2006).Progress toward Liberalization of the Postal and Delivery Sector.New York: Springer. pp.395.ISBN9780387297439.
- ^"Japan Post to honor Tokyo Olympics medalists with golden mailboxes".The Japan Times.2021-06-29. Archived fromthe originalon 2023-02-24.Retrieved2021-07-15.
- ^"Check out 's stock price (6178.T-JP) in real time".CNBC.Retrieved2021-07-15.
References
edit- Japan Post Annual Report 2006(Wayback Machine archive)
- Takahara, Kanako (September 29, 2007)."All Eyes on Japan Post as Privatization Begins"(Newspaper article).Japan Times.Retrieved1 February2008.
- Koizumi Loses Postal Reform Vote in Upper House, Calls for New Elections
- Koizumi Wins Postal Reform Vote in Lower House