Management Reform of Japan Post: 日本郵政、急ぐ経営改革

Japan Post has decided to sell approximately 420 million shares of its subsidiary, Japan Post Bank (Yucho Bank), with an expected total sale value of around 600 billion yen. This sale, scheduled for March, will reduce Japan Post’s voting stake from about 61.5% to below 50%, thereby enabling the bank to launch new business activities with only a notification rather than requiring formal government approval. This move is significant as it marks the first such sale in two years—since March 2023—and is being executed through a combination of market sales and a self-share repurchase by Yucho Bank to mitigate market impact. However, while the sale is expected to yield a one-time financial gain, it also poses a risk of losing a steady source of dividend income over the long term.

In parallel, Japan Post is pursuing a strategic reorganization of its logistics business by planning to acquire a majority stake in Tonami Holdings, a major player listed on the TSE Prime market. The anticipated acquisition, estimated at around 80 billion yen, involves forming a special purpose company (SPC) in collaboration with the founding family and management of Tonami Holdings. This SPC will conduct a takeover bid (TOB) to take the company private and make it a wholly owned subsidiary. With declining volumes of mail due to the rise of digital communication and stringent regulations on truck drivers’ overtime, Japan Post aims to revitalize its operations by expanding its corporate parcel delivery segment and enhancing logistics efficiency through the integration of its existing network.

Moreover, Japan Post has taken legal action against Yamato Transport by filing a lawsuit at the Tokyo District Court, seeking approximately 12 billion yen in damages. The dispute centers on a collaborative agreement regarding the delivery of small and lightweight parcels, which was intended to bolster Japan Post’s postal business turnaround. However, due to delays and unilateral actions by Yamato, the scheduled full transfer of the delivery operations—initially set for February 2025—has been put on hold, and the trust between the two companies has been severely undermined. Yamato Transport’s launch of its own service, “Koneko-bin 420,” further complicates the situation, as it directly competes with Japan Post’s offerings.

In addition, the Liberal Democratic Party’s parliamentary group is actively revising a draft amendment to the Japan Post Privatization Law with the intention of submitting a legislative proposal during the current session of the Diet. The revised proposal seeks to modify the current mandate that requires Japan Post to dispose of its holdings in Japan Post Bank and Japan Post Insurance “as soon as possible.” Instead, it would obligate Japan Post to maintain a stake exceeding one-third of these financial institutions for a certain period. The amendment also postpones discussions on a potential merger between Japan Post and Japan Post Holdings until two years after the law is enacted, while simultaneously addressing the need to stabilize the post office network by expanding government subsidies and promoting new community-oriented services such as online healthcare. These measures reflect the demands of the National Association of Postmasters and the broader political strategy as the party gears up for upcoming elections, despite some internal reservations about delaying full privatization.

Overall, the Japan Post Group is navigating a challenging economic landscape by reorganizing its financial and logistical operations and seeking regulatory reforms. While the immediate actions—such as the share sale and strategic acquisitions—aim to secure short-term capital and operational efficiencies, they also introduce long-term risks, including potential losses in steady dividend income and further strains on its business alliances. The future trajectory of these initiatives, particularly in the face of legal disputes and evolving legislative reforms, will be critical to the Group’s ability to stabilize and enhance its business performance.

日本郵政は、傘下のゆうちょ銀行の株式約4億2000万株を売却し、売却総額6000億円規模を見込む方針を固めた。この売却により、郵政グループの議決権保有比率は現状の約61.5％から50％以下に低下することとなり、従来国の認可が必要であった新規業務が届け出のみで開始できる規制緩和への道が開かれる狙いがある。今回の売却は2023年3月以来の2年ぶりの実施となり、市場への影響を和らげるために、直接市場での売却とゆうちょ銀行による自社株買いを組み合わせる形で進められる予定だ。しかしながら、売却益という一時的な資金獲得と引き換えに、今後の配当などの継続的な収益源が減少するリスクも指摘されている。

一方、日本郵便は物流事業の再編を図るため、東証プライム上場の物流準大手であるトナミホールディングス（HD）の株式大半を取得する計画を進めている。買収額は約800億円規模とみられ、トナミHDの創業家や経営陣と連携して特別目的会社（SPC）を設立、TOB（株式公開買い付け）を通じてトナミHDを非公開化し完全子会社化することが狙いである。郵便物の減少や労働環境の変化に伴うトラック運転手の残業規制が背景となり、法人向け荷物の開拓や物流網の効率化による収益改善が期待される中、これらの取り組みは郵便・物流事業の再生を目指す上で重要な意味を持つ。

また、日本郵便はヤマト運輸との協業において、小型・薄型荷物の配達委託契約の履行問題を巡り、東京地裁に提訴して約120億円の損害賠償を求めている。昨年6月に両社で合意した契約が、わずか1年半で見直しを迫られた結果、予定されていた配達委託の完全移行の日程は一旦白紙に戻っている。さらに、ヤマト運輸は自社サービス「こねこ便420」を展開するなど、競合する形での事業展開も進めており、両社間の信頼関係に亀裂が生じている現状が、協業によるシナジー効果を得る上での大きな障害となっている。

加えて、自民党の議員連盟は、郵政民営化法の改正素案を修正し、議員立法として今国会に提出する方向で調整を進めている。改正案では、これまで「できるだけ早期に」ゆうちょ銀行やかんぽ生命保険の株式を処分する規定を見直し、当分の間は日本郵政がこれらの金融2社の株式保有比率を3分の1超に維持する内容が盛り込まれる。また、日本郵政と日本郵便の合併に関しては、改正施行後2年を目途に政府がその是非を検討するという方針が示され、郵便局網の維持や事業基盤の安定化を狙った政策も含まれている。さらに、郵便局の新たな利活用や政府による交付金の拡充、オンライン診療など地域貢献業務への取り組みも計画されており、これらは全国郵便局長会の要望や政治戦略の一環として進められる見通しだ。

総じて、日本郵政グループは厳しい経営環境下において、金融資産の整理、物流事業の再編、そして規制緩和を含む法改正を通じた事業基盤の強化と収益改善を模索している。しかしながら、短期的な売却益の獲得と引き換えに長期的な配当収入が失われるリスク、ヤマト運輸との協業破綻による信頼関係の悪化、さらには今後の法改正の行方など、複数の課題が同時に存在するため、今後の動向には慎重な注視が必要である。