Freezing the government selloff of its shares in the Japan Post group units is priority-one in revamping the privatization process, Internal Affairs and Communications Minister Kazuhiro Haraguchi said Thursday.
He also said that in close cooperation with postal reform minister Shizuka Kamei, he will urge Japan Post Holdings President Yoshifumi Nishikawa to step down along with other executives appointed under the ousted Liberal Democratic Party administration.
Under the privatization process initiated by the LDP-led government, four units — Japan Post Bank Co., Japan Post Insurance Co., Japan Post Service Co. and Japan Post Network Co. — and their holding company were spun off from Japan Post two years ago.