Press Conference by Taro Aso, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services

(Excerpt)

(Friday, July 10, 2015, 8:58 am to 9:20 am)

[Questions and answers]

Q.

I have a question about the issue of raising the caps for Japan Post Bank and Japan Post Insurance. Minister, I understand that you also received recommendations from the Liberal Democratic Party (LDP) the other day, and I believe that you will be working with the Ministry of Internal Affairs and Communications to draw up a government proposal. In the process of putting together this proposal, what kind of things will you be focusing on? And when do you think the proposal will be completed? With the financial sector expressing strong opposition, some are saying that it won’t be in time for the listing of the three postal services companies in the fall. Minister, please share your thoughts.

A.

This was on July 9, so regarding the issue, namely how postal privatization should be implemented, the Minister of Internal Affairs and Communications and I have just jointly submitted a formal request to the postal privatization committee to study and give consultative advice. But of course, the most important thing for us is to ensure that the listing of Japan Post Group goes ahead successfully through the increase of its corporate value. So I hope that the postal privatization committee keeps this in mind as it goes over all the issues. I can’t make offhand remarks about what is going to happen because I don’t know, but opinion has become divided even within the LDP, and various views have been raised. I know that during that process opinions became significantly divided in the General Council and so on.

Q.

What do you think about the schedule? Even Japan Post president Nishimuro has indicated that it probably won’t happen in time for the listing.

A.

In terms of what actually needs to be done, it’s hard to say. I won’t know it until the fall.