Endeavor for Japan Post
(From The Japan Times Oct. 2 issue)

日本郵政グループの課題

A difficult path lies ahead for the Japan Post group companies' 10-year privatization process, which started Oct. 1. They have to make profits to survive but not at the expense of services. This is especially critical for the postal service, which has earned the people's trust during the past 130 years through the quality of its operations.

Under the privatization scheme, Japan Post Corp. serves as a holding company for four units: Japan Post Bank, Japan Post Insurance, Japan Post Service and Japan Post Network. Japan Post Bank has assets of ¥188 trillion, nearly twice the assets of the Bank of Tokyo-Mitsubishi UFJ, the nation's leading bank. Japan Post Insurance has assets of more than ¥110 trillion, more than double the assets of Nippon Life Insurance Co., the nation's leading insurance firm.

But Japan Post Bank has no experience in asset management, except buying government bonds. As an initial step, it hopes to sell housing loans provided by local banks at post offices. But many local banks are reluctant to go into business with Japan Post Bank. Japan Post Insurance hopes to sell diversified types of insurance, including health insurance. But competition from insurance firms is tough. Financial companies are also complaining that the massive assets of Japan Post Bank and Japan Post Insurance pose a threat to them.

Japan Post Bank has to pay stamp tax, a payment that had been exempted for pre-privatization post offices. Different companies within the group must pay consignment fees to each other, thus adding to operation costs. An integrated computer system covering the group companies has yet to be completed.

Although a ubiquitous postal service network throughout the nation's municipalities is required under law, the group is likely to push integrating post offices for the sake of profitability. Public discussions will be needed so that the privatization will proceed without causing the public inconvenience or worries.

日本郵政公社は1日、日本郵政グループとして民営化への第1歩を踏み出した。10年間で完全民営化を目指すが、課題も山積している。利益を生み出しながら、サービス低下を避けなければならない。これは特に、130年の間に国民の信頼を築いてきた郵便事業にとって重要だ。

民営化計画の下で、ゆうちょ銀行、かんぽ生命保険、郵便事業会社、郵便局会社の4事業会社が持ち株会社の日本郵政株式会社の傘下に入る。ゆうちょ銀行は、188兆円の資産（東京三菱UFJ銀行の2倍近く）、かんぽ生命保険は110兆円の資産（日本生命の2倍以上）を保有している。

民間銀行、保険会社にとって、ゆうちょ銀行、かんぽ生命保険の巨額な資産は大きな脅威だ。

法律は、全国を網羅する郵便事業のネットワーク維持を義務付けているが、日本郵政グループは、利益確保のため郵便局の統廃合を進めると予想される。民営化が国民に不便をかけないよう、幅広い議論が必要になる。