From 2003 to 2007, Japan Post was a statutory corporation that provided banking services, life insurance, postal and package delivery, and other services. With more than 400,000 employees, it operates 24,700 post offices across Japan and is the largest employer in the country. Japan Post employs one third of all government employees in Japan. Masaharu Ikuta, formerly Chairman of Mitsui O.S.K. Lines Ltd., was Japan Post's President in 2005. Japan Post operated the largest postal savings system in the world and is frequently referred to as the world's largest holder of personal savings: with household assets totaling 224 trillion dollars ($2.1 trillion) in its savings accounts and 126 trillion dollars in its kampo life insurance services; In Japan, its holdings make up 25% of household assets. In addition, about half of the Japanese national debt is held by Japan Post in the form of government bonds.
After a heated political debate that was resolved by the 2005 general election, Japan Post was privatized on October 1, 2007. With support from the government, Japan Post stifled competition and gave politicians access to postal savings to fund their whims. In 2007, Japan Post was divided into three companies with the intention of privatization by 2017. The postal service is now run by Japan Post Holdings after it was privatized.
The privatization was put on hold in 2010 with the Japanese Ministry of Finance still holding 100% of the shares. However, on October 26, 2012, the Japanese government announced plans to list shares of Japan Post Holdings within three years, in part to raise funds for the 2011 earthquake and tsunami-damaged regions' reconstruction. The target date for privatization was announced as March 2028, and the government still holds 57% of the shares as of 2020. The majority privatization of Japan Post Holdings by the Japanese government was completed in October 2021, but the government retained control of the majority of the company's stock.