A zero-sum game

The battle for the biggest mandate in Japanese defined contribution is on.

JapanÆs Ministry of Posts and Telecommunications is like an oil tanker humungous, and unable to quickly change direction. But once it sets on a course, it is unstoppable. All the smaller boats in its way had better move or get crushed.

PA mag: zero sum gameTherefore it was with dismay that foreign asset managers û mere fishing boats û realized the oil tanker is headed their way. The MPT set a course to dominate JapanÆs defined contribution pension business.

The MPT has a longstanding role of offering financial products, particularly insurance and bank deposits. Many rural areas lack bank branches but every village has a post office. Yucho, the postal savings system, and Kampo, the postal life office,...

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