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65-602: On November 4, 2015, Japan Post Holding ( TYO : 6178 ) was listed on the Tokyo Stock Exchange as part of a "triple IPO" ( initial public offering ) with shares offered as well in Japan Post Bank ( TYO : 7182 ) and Japan Post Insurance ( TYO : 7181 ). About 10% of the shares in each company were offered. In October 2021, the Japanese government abandoned its majority ownership of the company, while also still maintaining

130-448: A quorum and deliberations are in public unless at least two-thirds of those present agree otherwise. Each house elects its own presiding officer who casts the deciding vote in the event of a tie. The Diet has parliamentary immunity . Members of each house have certain protections against arrest while the Diet is in session and arrested members must be released during the term of the session if

195-463: A 8 percent stake in internet conglomerate Rakuten . Japan Post Holdings has been led by a President and CEO - both roles being held by the same executive - since the company's founding in 2006. The group operates via four main divisions: Privatization of the postal system in Japan was first considered in the 1980s under Prime Minister Nakasone , who, amid concerns about the government deficit , oversaw

260-622: A bill must be first passed by both houses of the Diet and then promulgated by the Emperor . This role of the Emperor is similar to the Royal Assent in some other nations; however, the Emperor cannot refuse to promulgate a law and therefore his legislative role is merely a formality. The House of Representatives is the more powerful chamber of the Diet. While the House of Representatives cannot usually overrule

325-402: A commission to examine privatization of the postal system's businesses and in 2002 a package of four bills was passed which established Japan Post as a public corporation. In the following year, he was reelected with a promise to privatize the postal system. In 2004, Koizumi's government announced an ambitious ten-year plan for splitting Japan Post into several privatized entities by 2017. In 2005,

390-406: A different method; the main difference between the houses is in the sizes of the two groups and how they are elected. Voters are also asked to cast two votes: one for an individual candidate in a constituency, and one for a party list. Any national of Japan at least 18 years of age may vote in these elections, reduced from age 20 in 2016. Japan's parallel voting system ( mixed-member majoritarian )

455-417: A framework for a preparation phase, a ten-year transition phase that was revised to start on October 1, 2007, and a post-privatization phase to organize the companies into their final forms. A Cabinet-level Postal Privatization Headquarters would be established to develop and implementation plan to manage privatization and divide the resources of Japan Post between the successor companies. Japan Post Holdings

520-477: A result of these early conflicts, public opinion of politicians was not favorable. The Imperial Diet consisted of a House of Representatives and a House of Peers ( 貴族院 , Kizoku-in ) . The House of Representatives was directly elected, if on a limited franchise; universal adult male suffrage was introduced in 1925 when the Universal Manhood Suffrage Law was passed, but excluded women, and

585-463: A second connection after it had already connected. Even though brokerages have access to alternative gateways, the outage caused "delays in execution, correction and cancellation" for many securities firms including Daiwa Securities and Nomura. On October 1, 2020, for the first time in its history as an all electronic exchange, the Tokyo Stock Exchange had to suspend trading in all shares for

650-405: A secret ballot. It also insists that the electoral law must not discriminate in terms of "race, creed, sex, social status, family origin, education, property or income". Generally, the election of Diet members is controlled by statutes passed by the Diet. This is a source of contention concerning re-apportionment of prefectures' seats in response to changes of population distribution. For example,

715-486: A trader at UBS Warburg , the Swiss investment bank, sold 610,000 shares in this company at ¥6 each, while he intended to sell 16 shares at ¥600,000. The bank lost £71 million. During yet another initial public offering, that of J-Com, on December 8, 2005, an employee at Mizuho Securities Co., Ltd. mistakenly typed an order to sell 600,000 shares at ¥1 each, instead of an order to sell 1 share at ¥600,000. Mizuho failed to catch

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780-474: A whole day due to a technical glitch, causing buying and selling to freeze. This was announced just minutes before 9 a.m., when it was scheduled to open. The problem was found to be in "the system for relaying market information", hence making the glitch a network problem, but the Asahi Shimbun reported that the glitch was due to a mechanical failure. The issue stemmed back to the "Arrowhead" trading system and

845-460: A ¥40bn ($ 360m) loss for its first full financial year as a listed company , due to losses from Toll Group , which it controversially acquired in 2015. In September 2017, the Japanese government announced its sale of $ 12 billion worth of Japan Post Holdings Co. Ltd. stock. It was the first sale since the 2015 IPO of the postal company and its two units, Japan Post Bank Co. Ltd. and Japan Post Insurance Co. Ltd.. That sale also raised $ 12 billion, which

910-528: Is a stock exchange located in Tokyo , Japan . The exchange is owned by Japan Exchange Group (JPX), a holding company that it also lists ( TYO : 8697 ), and operated by Tokyo Stock Exchange, Inc., a wholly owned subsidiary of JPX. JPX was formed from merger of Tokyo Stock Exchange Group, Inc. with Osaka Securities Exchange Co., Ltd. (now Osaka Exchange, Inc. ); the merger process began in July 2012, when said merger

975-420: Is not to be confused with the mixed-member proportional systems used in many other nations. The Constitution of Japan does not specify the number of members of each house of the Diet, the voting system, or the necessary qualifications of those who may vote or be returned in parliamentary elections , thus allowing all of these things to be determined by law. However it does guarantee universal adult suffrage and

1040-552: Is the national legislature of Japan . It is composed of a lower house, called the House of Representatives ( 衆議院 , Shūgiin ), and an upper house, the House of Councillors ( 参議院 , Sangiin ). Both houses are directly elected under a parallel voting system . In addition to passing laws, the Diet is formally responsible for nominating the Prime Minister . The Diet was first established as

1105-665: The Cabinet Legislation Bureau of the government, as well as to the ruling party. Japan's first modern legislature was the Imperial Diet ( 帝国議会 , Teikoku-gikai ) established by the Meiji Constitution in force from 1889 to 1947. The Meiji Constitution was adopted on February 11, 1889, and the Imperial Diet first met on November 29, 1890, when the document entered into force. The first Imperial Diet of 1890

1170-580: The Constitution describes the National Diet as "the highest organ of State power" and "the sole law-making organ of the State". This statement is in forceful contrast to the Meiji Constitution , which described the Emperor as the one who exercised legislative power with the consent of the Diet. The Diet's responsibilities include not only the making of laws but also the approval of the annual national budget that

1235-588: The First Section which started when Tokyo Stock Exchange was re-established in 1949 and includes mainly large companies; the Second Section which started in 1961 and includes mainly mid-sized companies; JASDAQ (established in 1991, acquired by Osaka Stock Exchange in 2010, and absorbed into TSE in 2013) and Mothers (Market of the high-growth and emerging stocks, established at TSE in 1999) which are both for emerging companies; and TOKYO PRO Market which

1300-598: The Kurokawa decision of 1976, invalidating an election in which one district in Hyōgo Prefecture received five times the representation of another district in Osaka Prefecture . In recent elections the malapportionment ratio amounted to 4.8 in the House of Councillors (census 2005: Ōsaka/Tottori; election 2007: Kanagawa/Tottori ) and 2.3 in the House of Representatives (election 2009: Chiba 4/Kōchi 3). Candidates for

1365-592: The Liberal Democratic Party had controlled Japan for most of its post-war history, and it gained much of its support from rural areas. During the post-war era, large numbers of people were relocating to the urban centers in the seeking of wealth; though some re-apportionments have been made to the number of each prefecture's assigned seats in the Diet, rural areas generally have more representation than do urban areas. The Supreme Court of Japan began exercising judicial review of apportionment laws following

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1430-522: The advice of the Cabinet . In an emergency the Cabinet can convoke the Diet for an extraordinary session, and an extraordinary session may be requested by one-quarter of the members of either house. At the beginning of each parliamentary session, the Emperor reads a special speech from his throne in the chamber of the House of Councillors. The presence of one-third of the membership of either house constitutes

1495-718: The stock market of TSE are the Nikkei 225 index of companies selected by the Nihon Keizai Shimbun (Japan's largest business newspaper), the TOPIX index based on the share prices of Prime companies, and the J30 index of large industrial companies maintained by Japan's major broadsheet newspapers. There are also active bond market and futures market . Ninety-four domestic and 10 foreign securities companies participate in TSE trading. See: Members of

1560-517: The Diet and the Emperor. This meant that while the Emperor could no longer legislate by decree he still had a veto over the Diet. The Emperor also had complete freedom in choosing the Prime Minister and the Cabinet, and so, under the Meiji Constitution, Prime Ministers often were not chosen from and did not enjoy the confidence of the Diet. The Imperial Diet was also limited in its control over

1625-429: The Diet if the House of Representatives passes a motion of no confidence introduced by fifty members of the House of Representatives. Government officials, including the Prime Minister and Cabinet members , are required to appear before Diet investigative committees and answer inquiries. The Diet also has the power to impeach judges convicted of criminal or irregular conduct. In most circumstances, in order to become law

1690-580: The Growth subsection were transitioned into the Growth market, along with all 424 companies in the Mothers section. There were a total of 3,899 companies listed in Tokyo Stock Exchange, as of 21 August 2023. The Tokyo Stock Exchange was established on May 15, 1878, as the Tokyo Kabushiki Torihikijo ( 東京株式取引所 , also literally means the Tokyo Stock Exchange and shortened as Tōkabu ( 東株 ) ) under

1755-418: The House demands. They are immune outside the house for words spoken and votes cast in the House. Each house of the Diet determines its own standing orders and has responsibility for disciplining its own members. A member may be expelled, but only by a two-thirds majority vote. Every member of the Cabinet has the right to appear in either house of the Diet for the purpose of speaking on bills, and each house has

1820-492: The House of Councillors on a bill, the House of Councillors can only delay the adoption of a budget or a treaty that has been approved by the House of Representatives, and the House of Councillors has almost no power at all to prevent the lower house from selecting any Prime Minister it wishes. Furthermore, once appointed it is the confidence of the House of Representatives alone that the Prime Minister must enjoy in order to continue in office. The House of Representatives can overrule

1885-562: The Imperial Diet in 1890 under the Meiji Constitution , and took its current form in 1947 upon the adoption of the post-war constitution . Both houses meet in the National Diet Building ( 国会議事堂 , Kokkai-gijidō ) in Nagatachō , Chiyoda , Tokyo . The houses of the National Diet are both elected under parallel voting systems. This means that the seats to be filled in any given election are divided into two groups, each elected by

1950-564: The TSE paid $ 303 million to acquire a 4.99% stake in Singapore Exchange Ltd. The London Stock Exchange (LSE) and the TSE are developing jointly traded products and share technology, marking the latest cross-border deal among bourses as international competition heats up. In July 2008, the LSE and the TSE announced a new joint venture Tokyo-based market, which will be based on the LSE's Alternative Investment Market (AIM). The exchange

2015-767: The Tokyo Stock Exchange The exchange's press club, called the Kabuto Club ( 兜倶楽部 , Kabuto kurabu ) , meets on the third floor of the TSE building. Most Kabuto Club members are affiliated with the Nihon Keizai Shimbun , Kyodo News , Jiji Press , or business television broadcasters such as Bloomberg LP and CNBC . The Kabuto Club is generally busiest during April and May, when public companies release their annual accounts. The exchange's normal trading sessions are from 9:00 a.m. to 11:30 a.m. and from 12:30 p.m. to 3:00 p.m. on all days of

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2080-451: The budget. However, the Diet could veto the annual budget. If no budget was approved, the budget of the previous year continued in force. This changed with the new constitution after World War II. The proportional representation system for the House of Councillors, introduced in 1982, was the first major electoral reform under the post-war constitution. Instead of choosing national constituency candidates as individuals, as had previously been

2145-407: The case, voters cast ballots for parties. Individual councillors, listed officially by the parties before the election, are selected on the basis of the parties' proportions of the total national constituency vote. The system was introduced to reduce the excessive money spent by candidates for the national constituencies. Critics charged, however, that this new system benefited the two largest parties,

2210-413: The close on January 18 due to the trade volume threatening to exceed the exchange's computer system's capacity of 4.5 million trades per day. This was called the "livedoor shock". The exchange quickly increased its order capacity to five million trades a day. On October 9, 2018, one of the four gateways used for order entry was taken down after Merrill Lynch Japan Securities erroneously tried to establish

2275-506: The direction of then- Finance Minister Ōkuma Shigenobu and capitalist advocate Shibusawa Eiichi . Trading began on June 1, 1878. In 1943, the exchange was combined with eleven other stock exchanges in major Japanese cities to form a single Japanese Stock Exchange ( 日本証券取引所 , Nippon Shōken Torihikisho ) . The combined exchange was shut down on August 1, days before the bombing of Hiroshima . The Tokyo Stock Exchange reopened under its current Japanese name on May 16, 1949, pursuant to

2340-429: The error; the Tokyo Stock Exchange initially blocked attempts to cancel the order, resulting in a net loss of US$ 347 million to be shared between the exchange and Mizuho. Both companies are now trying to deal with their troubles: lack of error checking, lack of safeguards, lack of reliability, lack of transparency, lack of testing, loss of confidence, and loss of profits. On 11 December, the TSE acknowledged that its system

2405-564: The fiscal year which ended in March 2021. On October 6, 2021, the final stage of a difficult privatisation process which had begun in 2005 was completed after with the sale of a $ 9 billion tranche of shares. This accounted for up to $ 1.03 billion of its shares in the business. However, the Japanese government still holds the largest share of stock in the company. Tokyo Stock Exchange The Tokyo Stock Exchange ( 東京証券取引所 , Tōkyō Shōken Torihikijo ) , abbreviated as Tosho ( 東証 ) or TSE/TYO ,

2470-460: The government submits and the ratification of treaties. It can also initiate draft constitutional amendments, which, if approved, must be presented to the people in a referendum. The Diet may conduct "investigations in relation to government" (Article 62). The Prime Minister must be designated by Diet resolution, establishing the principle of legislative supremacy over executive government agencies (Article 67). The government can also be dissolved by

2535-411: The government to maintain indefinite control over Japan Post Holdings by stipulating a minimum of one-third shares to be owned by the government and removing targets for shares sold in the banking and insurance services units. In late 2012, incoming Prime Minister Shinzo Abe reemphasized progress towards privatization as part of his Abenomics plan for economic reform and growth. It was also hoped that

2600-499: The inability to fail over to backup hardware. Other stock markets in Japan, including regional exchanges in Nagoya, Fukuoka and Sapporo, also suspended trading because they used the same technology platform as the TSE. Meanwhile, derivatives on the OSE continued trading, with Nikkei futures ending the day 0.56% higher. Japan Exchange Group Inc., which operates the Tokyo Stock Exchange, said that

2665-467: The lower house must be 25 years old or older and 30 years or older for the upper house. All candidates must be Japanese nationals. Under Article 49 of Japan's Constitution, Diet members are paid about ¥1.3 million a month in salary. Each lawmaker is entitled to employ three secretaries with taxpayer funds, free Shinkansen tickets, and four round-trip airplane tickets a month to enable them to travel back and forth to their home districts. Article 41 of

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2730-544: The most stock. Japan Post Holdings is also a constituent of the Nikkei 225 and TOPIX Large70 indices. The company was founded on 23 January 2006, although it was not until October 2007 that it took over the functions of Japan Post . There were plans to fully privatize the company, but were subsequently put on hold. As of 2013, it ranked thirteenth in the Fortune Global 500 list of the world's largest companies. On April 25, 2017, Japan Post Holdings said it would have

2795-433: The new Securities Exchange Act. The TSE runup from 1983 to 1990 was unprecedented, in 1990 it accounted for over 60% of the world's stock market capitalization (by far the world's largest) before falling precipitously in value and rank one of the 4th largest exchange in the world by market capitalization of listed shares. The current TSE building was opened on May 23, 1988, replacing the original TSE building from 1931, and

2860-507: The original plan. At the end of 2019, the government had a 57% ownership stake in Japan Post Holdings, which still owns 90% of Japan Post Bank and Japan Post Insurance. In April 2021, Japan Post Holdings agreed to sell part of its unprofitable Australian logistics company Toll Holdings for only 7.8 million Australian dollars. The offer was accepted despite the fact that Toll Holdings had lost 67.4 billion yen, or roughly $ 624 million, for

2925-476: The postal system. Benefits of privatization that were touted by supporters included efficiency of the financial sector, reducing political influence in the use of postal savings, and reducing bureaucratic mismanagement of funds. Detractors, including the postal lobby were concerned that privatization would shrink the universal availability of postal services in Japan, losing to job losses and the closing of rural post offices. Prime Minister Koizumi quickly established

2990-687: The privatization of three major public corporations: the Japanese National Railways , Nippon Telegraph and Telephone (NTT) , and Japan Tobacco . These discussions did not proceed, and in 1997 the issue of privatizing Japan Post Bank specifically was raised again under Prime Minister Hashimoto . This time, opposition from within the ruling and opposition parties resulted only in reforms aimed at improving financial discipline that fell short of actual privatization. In 2001, during an economic downturn in Japan, LDP politician Junichiro Koizumi took office with significant public support to privatize

3055-482: The resulting package of six privatization bills was defeated in the upper house of the Japanese Diet , and Koizumi called a snap election focused on postal privatization. He won the election in a landslide, receiving a public mandate for his privatization plans and defeating members of his own party who were opposed. The privatization package passed a few weeks later. The Postal Privatization Law passed in 2005 laid out

3120-617: The results were published on January 11, 2022. From the First Section, 1841 companies were transitioned into the Prime market and 344 companies were transitioned into the Standard market. All 474 companies in the Second Section were also transitioned into the Standard market. From JASDAQ , all 658 companies in its Standard subsection were transitioned into the Standard market and all 36 companies in

3185-522: The right to compel the appearance of Cabinet members. The vast majority of bills are submitted to the Diet by the Cabinet. Bills are usually drafted by the relevant ministry, sometimes with the advice of an external committee if the issue is sufficiently important or neutrality is necessary. Such advisory committees may include university professors, trade union representatives, industry representatives, and local governors and mayors, and invariably include retired officials. Such draft bills would be sent to

3250-552: The sale of shares could raise funds for rebuilding after the Great East Japan Earthquake . One result was the expediting of the IPO process for Japan Post companies. In 2015, a triple IPO was conducted where Japan Post Holdings, Japan Post Bank and Japan Post Insurance each had about 10% of their shares offered for sale in the Tokyo Stock Exchange for the first time. Privatization is ongoing slowly, having already fallen short of

3315-473: The sale were to be used to reduce government debt. The plan for privatization did not proceed smoothly, and after having been subject to a variety of external factors that still continues to this day. In 2009, the Democratic Party of Japan took power and halted the initial public offering for Japan Post companies. In 2012, the administration went further in blunting some aspects of privatization, allowing

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3380-648: The suspension would be indefinite until the problem was resolved. Normal trading was resumed the following day. Japanese Diet Opposition (92) Unaffiliated (9) Vacant (8) Opposition (242) Unaffiliated (2) Naruhito [REDACTED] Fumihito [REDACTED] Shigeru Ishiba ( LDP ) Second Ishiba Cabinet ( LDP – Komeito coalition ) [REDACTED] [REDACTED] Fukushiro Nukaga Kōichirō Genba [REDACTED] Masakazu Sekiguchi Hiroyuki Nagahama Saburo Tokura Kazuo Ueda The National Diet ( Japanese : 国会 , Hepburn : Kokkai )

3445-526: The trading floor of the TSE was closed on April 30, 1999, so that the exchange could switch to electronic trading for all transactions. A new facility, called TSE Arrows ( 東証アローズ , Tōshō Arrows ) , opened on May 9, 2000. In 2010, the TSE launched its Arrowhead trading facility. In 2001, the TSE restructured itself as a kabushiki gaisha ("stock company"): before this time, it was structured as an incorporated association ( 社団法人 , shadan hōjin ) with its members as shareholders. On 15 June 2007,

3510-470: The upper house in the following circumstances: Under the Constitution, at least one session of the Diet must be convened each year. Technically, only the House of Representatives is dissolved before an election. But, while the lower house is in dissolution, the House of Councillors is usually "closed". The Emperor both convokes the Diet and dissolves the House of Representatives but in doing so must act on

3575-674: The week except Saturdays, Sundays and holidays declared by the Exchange in advance. The exchange is closed for the following holidays: New Year's Day , Coming of Age Day , National Foundation Day , Vernal Equinox Day , Shōwa Day , Constitution Memorial Day , Greenery Day , Children's Day , Marine Day , Respect for the Aged Day , Autumnal Equinox , Health and Sports Day , Culture Day , Labour Thanksgiving Day , and The Emperor's Birthday . Until April 4, 2022, corporate shares are listed and traded at Tokyo Stock Exchange in five market sections:

3640-481: Was a common name for an assembly in medieval European polities like the Holy Roman Empire . The Meiji Constitution was largely based on the form of constitutional monarchy found in nineteenth century Prussia that placed the king not as a servant of the state but rather the sole holder of power and sovereignty over his kingdom, which the Japanese view of their emperor and his role at the time favoured. The new Diet

3705-517: Was approved by the Japan Fair Trade Commission . JPX itself was launched on January 1, 2013. The TSE is incorporated as a kabushiki gaisha ( joint-stock company ) with nine directors, four auditors and eight executive officers. Its headquarters are located at 2-1 Nihonbashi - Kabutochō , Chūō , Tokyo which is the largest financial district in Japan . The main indices tracking

3770-520: Was at fault in the Mizuho trade. On 21 December, Takuo Tsurushima, chief executive of the TSE, and two other senior executives resigned over the Mizuho affair. On January 17, 2006, the Nikkei 225 fell 2.8%, its fastest drop in nine months, as investors sold stocks across the board in the wake of a raid by prosecutors on internet company livedoor . The Tokyo Stock Exchange suspended trading 20 minutes before

3835-595: Was established in 2009 jointly with London Stock Exchange as an Alternative Investment Market (Tokyo AIM) for small companies. There were a total of 3,821 companies listed in Tokyo Stock Exchange, as of March 31, 2022. companies) (本則市場) Beginning April 4, 2022, the market divisions were restructured into the Prime , Standard and Growth market divisions, differentiated by market liquidity , corporate governance , and other criteria. Companies voluntarily selected their new division between September and December 2021, and

3900-487: Was limited to men 25 years or older. The House of Peers, much like the British House of Lords , consisted of high-ranking nobles chosen by the Emperor. The first election by universal suffrage without distinction of sex was held in 1946, but it was not until 1947, when the constitution for post-war Japan came into effect, that universal suffrage was established In Japan. The word diet derives from Latin and

3965-577: Was modeled partly on the German Reichstag and partly on the British Westminster system . Unlike the post-war constitution, the Meiji constitution granted a real political role to the Emperor, although in practice the Emperor's powers were largely directed by a group of oligarchs called the genrō or elder statesmen. To become law or bill, a constitutional amendment had to have the assent of both

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4030-486: Was only able to operate for 90 minutes on November 1, 2005, due to bugs with a newly installed transactions system, developed by Fujitsu , which was supposed to help cope with higher trading volumes. The interruption in trading was the worst in the history of the exchange until October 1, 2020. Trading was suspended for four-and-a-half hours. During the initial public offering of advertising giant Dentsu , in December 2001,

4095-560: Was plagued by controversy and political tensions. The Prime Minister of Japan at that time was General Count Yamagata Aritomo , who entered into a confrontation with the legislative body over military funding. During this time, there were many critics of the army who derided the Meiji slogan of "rich country, strong military" as in effect producing a poor country (albeit with a strong military). They advocated for infrastructure projects and lower taxes instead and felt their interests were not being served by high levels of military spending. As

4160-404: Was to start as a state-owned holding company for Japan Post Bank , Japan Post Insurance , Japan Post Network , and Japan Post Service and gradually sell off its shares through 2017. The original plan was for the government to retain about a one-third ownership share of Japan Post Holdings, and for Japan Post Holdings to sell all its shares in its banking and insurance subsidiaries. Proceeds from

4225-596: Was used for the repair and reconstruction of places that were destroyed by an earthquake and tsunami in 2011. In December 2019, the heads of Japan Post Holdings announced that they will resign over the improper sales of insurance policies, after the regulator announced administrative punishments against the companies. The company said that Hiroya Masuda , a former minister of Internal Affairs and Communications, has been appointed as successor to current CEO Masatsugu Nagato. In March 2021, Japan Post Holdings announced that it would invest 150 billion yen or US$ 1.38 billion and take

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