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Japan has begun privatizing its postal system, creating the world's largest commercial bank in an effort to reshape the country's banking sector.
Japan Post is being split Monday into four companies that will run its banking and insurance operations, handle mail delivery and manage post offices. The companies will be made independent by 2017, and listed on the stock exchange. The banking unit has 400 million accounts and three trillion dollars in assets - more than any other bank in the world.
The government hopes the reform will increase competition in the financial services sector.
The plan is the result of reforms initiated in 2005 by former Prime Minister Junichiro Koizumi.
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