Top �� What's up around the Prime Minister �� September, 2004

Twenty-fourth Meeting of the Council on Economic and Fiscal Policy (CEFP) Friday, September 10, 2004 The twenty-fourth meeting of the Council on Economic and Fiscal Policy (CEFP) was held at the Prime Minister's Official Residence. At the meeting, the "Basic Policy on the Privatization of the Postal Services" was decided upon. This Basic Policy will respect the five basic principles in advancing privatization of the postal services, namely the principles of revitalization, consistency, convenience, resource utilization and consideration. In accordance with these basic principles, the Basic Policy outlines the plan for the Japan Post to be privatized in 2007 and its privatization to be finally completed after a transitional period. With regard to the framework of the organizational structure in completing privatization, each of the four functions of postal services, that is, the range of over-the-counter services, postal services, postal savings and postal life insurance, will be independently administered by separate companies established under one holding company. Furthermore, the Headquarters for the Promotion of Privatization of the Postal Services (provisional name) comprising all Cabinet members will be established which will conduct preparatory work to submit and establish bills related to the privatization as well as advance measures to realize a smooth transition from being a public company to complete privatization. The "Basic Policy on the Privatization of the Postal Services" went through Cabinet decision at an extraordinary Cabinet meeting that followed.