The Government of Japan will raise $43.2 billion. Through stock sales of the 2011 earthquake recovery

The combined image shows the tsunami-devastated Taro area (upper part) in Miyako, Iwate Prefecture, pictured on March 15, 2011, and a huge breakwater under construction in the same area, photographed on February 6, 2021, just before its 10th anniversary. Great East Japan Earthquake. (Kyodo)

TOKYO (Kyodo) – The Japanese government expects to raise more than 5 trillion yen ($43.2 billion) through stock sales to use to advance the reconstruction of northeastern regions hit by the devastating 2011 earthquake and tsunami, according to officials.

Revenue from the sale of stakes in Japan Tobacco Inc and Japan Post Holdings Co. has already reached around 4.87 trillion yen, hitting the initial target range of 4.5 trillion yen to 5 trillion yen.

The Ministry of Finance expects the government to raise an additional 170 billion yen by offloading some shares in Tokyo Metro by fiscal year 2027.

Recovery work in parts of northeastern Japan devastated by the natural disaster, which triggered the Fukushima nuclear crisis, has so far been financed through the issuance of reconstruction bonds, with debt repayments from proceeds from sales of government-owned stock as well as temporary increases in income and corporate taxes.

The government spent a total of 31 trillion yen on reconstruction in the ten years through fiscal year 2020.

The Ministry of Finance expects that a larger windfall from sales of state-owned shares than previously expected will reduce the burden on taxpayers as it helps the government to pay off some debts more quickly.

As for the shares of Tokyo Metro, of which the state owns 53.4 percent and the Tokyo metropolitan government 46.6 percent, the two parties have decided to sell half of their holdings to facilitate the planned listing of the subway operator on the stock exchange.

The exact timing of the Tokyo Metro’s initial public offering has yet to be decided.

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