Japan Post Firms Get 3-Month Biz Suspension Order

Economy Politics

Tokyo, Dec. 27 (Jiji Press)--Japan's Financial Services Agency on Friday ordered two units of Japan Post Holdings Co. <6178> to suspend part of their operations for three months as punishment for their improper sales of "Kampo" insurance products.

The administrative measure was taken against Japan Post Insurance Co. <7181> and Japan Post Co., the mail delivery arm of the holding company. The agency also issued a business improvement order to the two units and their parent.

Meanwhile, the internal affairs ministry issued a business improvement order to Japan Post Holdings and Japan Post Co. The ministry's action also included a business suspension order meted out against the mail unit.

"It is a serious problem, and a drastic improvement is needed," internal affairs minister Sanae Takaichi told a press conference after a cabinet meeting.

Financial Services Minister Taro Aso told a press conference that the Japan Post group failed to share necessary information internally.

[Copyright The Jiji Press, Ltd.]

Jiji Press