Govt to Extend Deadline for Japan Post Share Sale by 5 Yrs

Politics

Tokyo, Feb. 5 (Jiji Press)--The Japanese government will extend the deadline for selling shares in Japan Post Holdings Co. <6178> and Tokyo Metro Co. by five years from fiscal 2022, informed sources said Wednesday.

The government is expected to submit legislation to extend the deadline to the ongoing ordinary session of the Diet, the country's parliament, the sources said.

Proceeds from the sale of government-held shares in the two companies will be used to redeem bonds issued to cover costs for the reconstruction of areas devastated by the March 2011 earthquake and tsunami.

The government decided to extend the planned lifetime of the Reconstruction Agency by 10 years from the end of fiscal 2020. Also, the government's special financial account for the postdisaster reconstruction will be extended by 10 years.

In line with this, the government reviewed the deadline for selling shares in Japan Post Holdings and Tokyo Metro.

[Copyright The Jiji Press, Ltd.]

Jiji Press