The government plans to take the unprecedented step of forcing depositors to observe the 10 million yen legal limit on postal savings, government sources said Tuesday.
The Public Management, Home Affairs, Posts and Telecommunications Ministry and Japan Post intend to use the savings that exceed the cap to purchase government bonds, as is legally required but never done if depositors refuse to observe the ceiling, the sources told Kyodo News.
The purchased bonds will be kept under custody of Japan Post, a government corporation created in April to take over the Postal Services Agency's postal savings, mail delivery and insurance services.