▁personal ▁sav ings ▁in ▁the ▁world . ▁Crit ic isms ▁against ▁Japan ▁Post ▁were ▁that ▁it ▁served ▁as ▁a ▁channel ▁of ▁cor ruption ▁and ▁was ▁in efficient . ▁In ▁September ▁ 2 0 0 3 , ▁Ko iz umi ' s ▁cabinet ▁proposed ▁splitting ▁Japan ▁Post ▁into ▁four ▁separate ▁companies : ▁a ▁bank , ▁an ▁ins urance ▁company , ▁a ▁postal ▁service ▁company , ▁and ▁a ▁fourth ▁company ▁to ▁handle ▁the ▁post ▁offices ▁and ▁ret ail ▁store front s ▁of ▁the ▁other ▁three . ▁After ▁the ▁Upper ▁House ▁rejected ▁priv at ization , ▁Ko iz umi ▁scheduled ▁nation wide ▁elections ▁for ▁September ▁ 1 1 , ▁ 2 0 0 5 . ▁He ▁declared ▁the ▁election ▁to ▁be ▁a ▁refer endum ▁on ▁postal ▁priv at ization . ▁Ko iz umi ▁subsequently ▁won ▁the ▁election , ▁gain ing ▁the ▁necessary ▁super major ity ▁and ▁a ▁mand ate ▁for ▁reform , ▁and ▁in ▁October ▁ 2 0 0 5 , ▁the ▁bill ▁was ▁passed ▁to ▁priv at ize ▁Japan ▁Post ▁in ▁ 2 0 0 7 . ▁ ▁N ipp on ▁Te legraph ▁and ▁Tele phone ' s ▁priv at ization ▁in ▁ 1 9 8 7 ▁involved ▁the ▁largest ▁share ▁offering ▁in ▁financial ▁history ▁at ▁the ▁time . ▁ 1 5 ▁of ▁the ▁world ' s ▁ 2 0 ▁largest ▁public ▁share ▁offer ings ▁have ▁been ▁priv at izations ▁of ▁tele com s . ▁ ▁In ▁ 1 9 8 8 , ▁the ▁per estro ika ▁policy ▁of ▁Mik h ail ▁G orb ache