2023-06-27 07:59:35
At a press conference on the 27th, Japan Post President Koya Masuda commented on the downward trend in the share price of the Rakuten Group, a capital and business alliance partner, saying, “It is up to the market to decide.” So we are keeping an eye on the stock price movement.”
Masuda said that he will apply the accounting rules of Japan Post Holdings regarding the need to process impairment losses on Rakuten G shares, and will announce them if necessary. Regarding Rakuten G’s business, he said, “The business itself is growing, but mobile funds are piling up.”
Japan Post will invest about 150 billion yen in Rakuten Group in 2021. It now owns about 6.1% of Rakuten G, according to Bloomberg data. Rakuten G announced in May that it would raise about 330 billion yen through a public offering of new shares, etc., after continuing to make deficits due to the burden of upfront investment in the mobile business. However, the stock price is disgusted by the dilution, and after the announcement of the capital increase, the downward trend intensified, falling 21% since the beginning of the year.
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