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Japan Post risks becoming the 'next NTT'

State telecom company's 1987 IPO still seen as a cautionary tale

TOKYO -- Almost a year and a half after its initial public offering, Japan Post Holdings' shares are languishing beneath its opening price. The news that it is considering a huge write-down on its Australian logistics arm for the year ended this March does not augur a stock turnaround anytime soon.

The company is perilously close to becoming another Nippon Telegraph and Telephone -- a symbol of a privatization IPO gone wrong.

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