Three Japan Railway group firms moved closer to privatization Wednesday after Central Japan Railway Co. (JR Tokai) accepted a government bill that would strip away some of the vestiges of state control.
Land, Infrastructure and Transport Minister Chikage Ogi met JR Tokai President Yoshiyuki Kasai and the heads of East Japan Railway Co. and West Japan Railway Co. on Wednesday evening to explain that the ministry is poised to submit the legislation to the current Diet session.
If the bill clears the Diet, perhaps in May or June, the ministry may sell off its remaining shares in the three companies as early as fall and set the companies free from the JR Law, which requires JR group firms to seek government approval of their annual business plans, executive appointments and corporate bond issuances.