The Land, Infrastructure and Transport Ministry announced Thursday it will introduce new legislation to fully privatize East Japan Railway Co., Central Japan Railway Co. (JR Tokai) and West Japan Railway Co. on Dec. 1.
The revised law on JR railways will enable the three JR group carriers to do business and raise funds without government approval, as is currently required under the law.
Vice transport minister Masato Obata told a news conference that the ministry plans to sell its remaining equity stakes in the three as early as possible in view of market conditions, while consulting with the Finance Ministry and the Financial Services Agency.
The three companies are among seven privatized entities of the defunct Japanese National Railways. Nominally privatized in 1987, the companies remain partly state-owned.