• Kyodo

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Legislation to partially roll back the postal system privatization is expected to sail through the current Diet session because the ruling Democratic Party of Japan will join the two major opposition parties that agreed Thursday to jointly submit a reform bill to this end, lawmakers said.

Earlier in the day, the Liberal Democratic Party and New Komeito agreed on a bill to overturn the postal privatization spearheaded in the early 2000s by then LDP Prime Minister Junichiro Koizumi that would have had the government sell off its stockholdings in Japan Post Bank and Japan Post Insurance Co. by 2017 to achieve full privatization of Japan Post Holdings Co.’s financial units, the lawmakers said.

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