September 6, 2012
On September 3, it was announced that Japan Post Bank and Japan Post Insurance had filed for government approval to offer new or modified products. The European Business Council in Japan (EBC) has long held the view that Japan Post and its subsidiaries shall not be allowed to offer new or modified products until a level playing field is ensured. This is not the case today as Japan Post Bank and Japan Post Insurance are not governed by the same laws and regulations as private insurers.
EBC and the American Chamber of Commerce in Japan are therefore reiterating their long-standing position that a level playing field and equal treatment must be in place before JPB and JPI are allowed to expand. For further details please see the joint press release.