The government's sale of shares in the Japan Post group, which includes the world's biggest bank by deposits, will be delayed, according to officials in the Democratic Party of Japan, which polls indicate will win the Aug. 30 general election.
Legislation pushed through in 2005 by then Prime Minister Junichiro Koizumi broke the 138-year-old government entity Japan Post into four companies under a holding company and allows for share sales as soon as next year. The assets of the banking and insurance units in Japan Post Holdings Co. amounted to $3.1 trillion as of the end of March, according to financial statements.
The DPJ and smaller ally Kokumin Shinto (People's New Party) oppose any moves to sell the shares next year, three party officials said. Kokumin Shinto is made up of foes to the postal system privatization Koizumi initiated.