on the Tokyo Stock Exchange, with about 10% of shares listed. Historical role in economic development The importance of the Japanese postal banking system lies not just in providing a savings vehicle and financial services to the people of Japan, but also in the use of the saved funds to promote economic development throughout modern Japan's history. Founding through World War II Postal savings were first deposited in the , a private bank that issued currency, but starting in 1878 deposits were made to Ministry of Finance, which became the exclusive destination for deposits in 1884. This was during the Meiji Restoration, when the Japanese government was focused on encouraging economic and military modernization and avoid foreign debt to remain independent during a period of Western colonialism. A particular concern was foreign debt, as observers in Japan saw indebtedness in countries like China and Egypt leading to their subordination to their creditors. However, this transformation required large amounts of capital to finance as railways, communications systems and industrial development in a country with a low savings rate because a large majority did not see money as something to be saved and invested. Postal banking became a success, and by 1885 it had 1.25 million depositors who could make financial transactions at around 4500 post office branches. At the beginning, deposits were lent exclusively to the government through the purchase of government bonds. In the 1890s, the government starting creating several banks that could offer industrial loans backed by these deposits. However, this type of lending only became notable after 1912, and only by the 1930s did it become the type of system which would become important after the war that lent funds to specific institutions to achieve developmental objectives. In the lead-up to and during World War II, postal savings were invested in companies involved in wartime production and government bonds, which were issued in significant amounts to finance the war effort. This period saw postal savings grow at its highest rate ever, quintupling between 1942 and 1945. Post-war The banking system was in complete disarray immediately after the war. The savings rate became negative as depositors withdrew money that had lost significant value during wartime inflation. Records for 52 million accounts were destroyed in war damage. Finally, ¥6 billion of investments by the postal savings system in overseas colonial territories vanished as the government struggled to control the domestic