Pragmatic financialisation: the role of the Japanese Post Office

The Japanese Post Office, one of the world’s largest financial institutions, was finally privatised in 2015, marking an appropriate time to examine financialisation in Japan. Literature on financialisation and changes in Japanese capitalism assumes convergence on Anglo-American capitalism with a diminishing of state power. The main argument of this paper is that financialisation is instead a more contingent process. This is put forth through an examination of how this process has been mediated by the Japanese state through the workings of the Japanese Post Office. The state has frequently shaped the direction of financialisation by intervening in the routing of household funds via the postal savings system in order to achieve its objectives in different circumstances, particularly evident in the protracted and contested nature of the post bank’s privatisation. Financialisation is thus not preordained; instead its path is hewn by crisis, catastrophe, demographics and the agency of domestic social actors

Change and continuity in Japanese compensation practices: the case of occupational pensions since the early 2000s

This article analyses changes in the provision of Japanese occupational pensions since the early 2000s. It shows how Japanese companies have followed strategies of cost and risk reduction by creating multi-layered benefit systems that offer a combination of defined benefit (DB) and defined contribution (DC) plans whose benefits are becoming increasingly performance-oriented. Analysing the reasons behind the resilience of DB schemes in Japan, the article concludes that enterprise union behaviour has had less influence than regulatory issues and continued corporate commitment to long-standing employment practices for regular workers. These findings highlight the embeddedness of Japanese employment practices in their institutional context