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Insurance scandal delays Japan Post privatization by 5 years

Stock price wallows below threshold for successful float

Japan Post Holdings' stock price has dropped below the threshold needed for the government to raise 4 trillion yen for disaster relief. (Photo by Kaisuke Ota)

TOKYO -- The Japanese government has decided to extend the deadline to divest more Japan Post Holdings stock by five years, a move directly related to an insurance scandal within the group.

A law passed shortly after the 2011 earthquake and tsunami mandates the government to sell shares in the postal group by the fiscal year ending March 2023. The proceeds are to go toward disaster recovery.

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