October 14, 2005

STAMP ACT:

Japan's postal shake-up approved (BBC, October 14, 2005)

The final hurdle had been the upper house of parliament. It was this house which voted down an earlier reform bill in August, prompting Mr Koizumi to call the election.

On Friday, the bill passed by 134 votes to 100 and will now become law. [...]

But Mr Koizumi, who first began pushing for the privatisation of Japan Post in 1979 when he was a junior finance minister, has argued that privatising it will help modernise Japan's whole economy.

He hopes the move will stimulate growth and open up government-dominated sectors to greater competition.

The real significance of this issue, analysts say, is that it shows that with enough public support, a Japanese politician can fight vested interests and win.


If he starts pushing now the next reform will come in 2031.

Posted by Orrin Judd at October 14, 2005 7:54 AM
Comments

The huge government slush fund is liquidated and can now be used for economically feasible purposes. Nothing scares a statist more than the power of markets. They find it so mysterious. How long has Koizumi been PM? How long has reform of our SS system been promised? They got the idea for their post office retirement system from us and they are reforming. We're still talking about it.

Posted by: Tom C., Stamford,Ct. at October 14, 2005 11:53 AM
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