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Japan Post

japan post, japan post bank
Japan Post 日本郵政公社, Nippon Yūsei Kōsha was a government-owned corporation in Japan that existed from 2003 to 2007, offering postal and package delivery services, banking services, and life insurance It was the nation's largest employer, with over 400,000 employees, and ran 24,700 post offices throughout Japan One third of all Japanese government employees worked for Japan Post As of 2005, the President of the company was Masaharu Ikuta, formerly Chairman of Mitsui OSK Lines Ltd

Japan Post ran the world's largest postal savings system and was often said to be the largest holder of personal savings in the world: with ¥224 trillion $21 trillion of household assets in its yū-cho savings accounts and ¥126 trillion $12 trillion of household assets in its kampo life insurance services, its holdings accounted for 25 percent of household assets in Japan Japan Post also held about ¥140 trillion one fifth of the Japanese national debt in the form of government bonds

On October 1, 2007 Japan Post was privatized following a fierce political debate that was settled by the general election of 2005 Following privatization, the Japan Post Group companies operate the postal business

In 2010, privatization was put on hold The Japanese Ministry of Finance remains the 100% shareholder However, on October 26, 2012, the Japanese government unveiled plans to list shares of the Japan Post Holdings Company within three years, partly to raise money for the reconstruction of areas devastated by the earthquake and tsunami of 20111

Contents

  • 1 Postal privatization
  • 2 Regaining the state-run business
  • 3 Types of post office
  • 4 Postal symbol
  • 5 See also
  • 6 Notes
  • 7 References
  • 8 External links

Postal privatizationedit

The company was born on April 2, 2003, as a government-owned corporation, replacing the old Postal Services Agency 郵政事業庁, Yūsei Jigyōchō Japan Post's formation was part of then prime minister Junichiro Koizumi's long-term reform plan and was intended to culminate in the full privatization of the postal service The privatization plan encountered both support and opposition across the Japanese political spectrum, including the two largest parties, the LDP and the DPJ 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, the lower house of the Japanese legislature passed 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 the upper house because of scores of defections from the ruling coalition Koizumi immediately dissolved the lower house and scheduled a general election to be held on September 11, 2005 He declared the election to be a referendum on postal privatization Koizumi won this election, gaining the necessary supermajority in 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 20052

Regaining the state-run businessedit

Later in 2010, the privatization was put on hold, and the Japanese Ministry of Finance remains the 100% shareholder 3

Types of post officeedit

There are two types of postal facilities in Japan: standard post offices 郵便局, yūbinkyoku, and the larger distribution centers 集配局, shūhaikyoku Distribution centers offer a wider range of services for businesses than standard post offices do

Postal symboledit

Mailbox markings

The symbol for a post office in Japan is a stylized katakana syllable te テ, 〒 This is used on the signs of post offices, on post boxes, and before the postcode on envelopes and packages It is derived from the Japanese word teishin 逓信, literally, "communications"4

The symbol can be obtained by typing yuubin in a Japanese word processor and then converting it There are several variant forms of this symbol in Unicode, including a form in a circle, 〶, which is the official Geographical Survey Institute of Japan map symbol for a post office

〠 is a character of Japan Post Its name is Number-kun Japan Post released a new character, "Poston", in 1998, so Number-kun is rarely used nowadays

See alsoedit

  • Japanese addressing system
  • Package delivery

Notesedit

  1. ^ "Japan govt aims to list Japan Post in three years" Reuters October 26, 2012 
  2. ^ Takahara, "All Eyes on Japan Post"Faiola, Anthony 15 October 2005 "Japan Approves Postal Privatization" Washington Post The Washington Post Company p A10 Retrieved 9 February 2007 
  3. ^ Global Postal Shipment Transport Statistics, Postal Summary, Japan by 17TRACK
  4. ^ Kyoto region English sightseeing website

Referencesedit

  • Japan Post Annual Report 2006

External linksedit

  • Takahara, Kanako September 29, 2007 "All Eyes on Japan Post as Privatization Begins" Newspaper article Japan Times Retrieved 1 February 2008 
  • Koizumi Loses Postal Reform Vote in Upper House, Calls for New Elections
  • Koizumi Wins Postal Reform Vote in Lower House
  • in English Company Website
    • Post
    • Bank
    • Insurance in Japanese
  • Yahoo! - Japan Post Company Profile

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