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Japan Post aims to slash procurement costs in its mail delivery operations by 10 percent this fiscal year, according to Masaharu Ikuta, president of the new government-affiliated corporation that took over the Postal Services Agency on April 1.

The proposed cost reduction is required to turn around the mail delivery division, which is losing money hand over fist, according to Ikuta, former chairman of Mitsui O.S.K. Lines, Ltd., a leading shipping line.

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