• Kyodo

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Hiroya Masuda, a former minister of internal affairs and communications, will replace Masatsugu Nagato as president of Japan Post Holdings Co., effective early next year, a source familiar with the plan said Thursday.

Nagato, head of the former state-owned postal services group, Japan Post Insurance Co. President Mitsuhiko Uehira and Japan Post Co. President Kunio Yokoyama are set to step down to take responsibility for improper sales of insurance products.

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