Government Officials: Japan and Post

government officials: The agency will request clarification on operational accountability at all three firms, and it is expected to issue a separate order to the parent company to revise its business practices, as the watchdog believes the group's corporate governance and management were not working properly, according to The Japan Times. With Japan Post still in the initial stages of investigating whether all of its approximately 30 million policies complied with holders' wishes, some government officials have said a three-month suspension on the sales is not tough enough, according to the sources. The suspension would be slapped on Japan Post Insurance Co. and Japan Post Co. over improper sales of insurance products for years. ; The Financial Services Agency, which concluded a three-month investigation in mid-December, will announce an administrative penalty for the two units, suspected of violating the insurance business law, on Friday after it receives a report from parent Japan Post Holdings Co. early next week, according to the sources. But the suspension is expected to deliver a blow to the business performance of the postal group, and Japan Post Holdings' top executive has said he may resign. On Wednesday, Masatsugu Nagato, chief executive of the parent company, said he is considering resigning in the wake of the probe which uncovered more than 12,000 cases of suspected improper sales of insurance products at the subsidiaries in the five years through March 2019. The suspension would also follow one that was self-imposed at the subsidiaries in July. (news.financializer.com). As reported in the news.