LDP opponents polishing swords for snap election
This is 180 degrees opposite from what was being said last week, though rapid changes in strategy are themselves hardly surprising at this juncture:
On 16 August, LDP legislators who opposed the Japan Post privatization bill–including Tamisuke Watanuki, Shizuka Kamei, and Hisaoki Kamei–met in a Tokyo hotel and agreed on the broad outlines for the formation of a new party centered on current members of the lower house who were part of the opposition. After hammering out the party’s name and fundamental policy platform, they plan to announce [its formation] on 17 August. Most such members have already firmed up plans to run [in the snap election] unaffiliated, so the new party is likely to have a small-scale start.
For its part, the DPJ released its lower house manifesto yesterday:
On 16 July, the Democratic Party of Japan released its lower house election manifesto (campaign promises). On the subject of Japan Post reform, pitched as the party’s major point of contention with Prime Minister Jun’ichiro Koizumi, it states that postal savings and insurance “will be reduced to a reasonable scale.” Limits on the amount that could be deposited in postal savings would be reduced in stages starting in 2006. Reform to centralize all pensions would be executed by 2008. The battle [of campaign platforms], starting with that over Japan Post and pension reforms, will be beginning in earnest as the parties gear up for the 11 September election.
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The reduction of limits on postal savings deposits is designed to effect a “reduction of public financing.” Among the provisions: capitalization through postal savings accounts (which now hold a total of ¥330 trillion) will be halved within 8 years by reducing the per-depositor limit from ¥10 million to ¥7 million, then over the subsequent several years to ¥50 million.
“Public financing” refers, of course, to the investment of citizens’ savings in pet government projects, many of which are of questionable public utility. There’s no word on whether the DPJ plans to address organizational inefficiency at Japan Post, but then, even the LDP caved when it came to reductions in the number of outlets and personnel.