National News Japan postal system begins privatization

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Japan began privatization of its postal system Oct. 1, creating the world's largest commercial bank in an attempt to make Japan's banking sector more competitive.

Japan Post becomes the world's biggest commercial bank. It has assets of ¥350 trillion, eclipsing Citigroup, with assets of $2.22 trillion (¥258 trillion).

Under the 10-year privatization plan, Japan Post will be broken into four businesses: an insurance company, savings bank, mail courier and post office management firm. (AP)

民営郵政がスタート

郵政の民営化が10月1日にスタートし、世界最大の民間金融機関が誕生した。

Shukan ST: Oct. 12, 2007

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