5.6-trillion yen in postal savings lost in stock investment

Japan's postal service corporation has reported a 5.6-trillion yen loss in postal savings and postal life insurance by investing in stock.

In the House of Councilors Committee on General Affairs on April 17, Japanese Communist Party Miyamoto Takeshi criticized a government-sponsored bill to expand more assets management by Japan Post despite the failure in stock investment.

Miyamoto pointed out that in order to reimburse its negative net worth, Japan Post had pulled out one trillion yen from reserves to deal with price fluctuation and 60-billion yen of the reserves in preparation for disasters.

He said, "It is questionable that the postal service corporation can move and invest people's assets and funds in stock trade and cover the loss with national reserves. The expansion of fund management is out of the question." (end)