Sunday, July 14, 2024
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Japan Post announces a postage increase for October

Japan Post announced on Thursday that it will increase shipping costs for letters and postcards in October.

Postage will increase to ¥84 from ¥110 for standard-sized letters weighing 25 grams or less, and to ¥85 from ¥63 for postcards.

It is the first postage increase for letters since 1994, excluding adjustments due to the increase in consumption tax. For postcards it is the first rate increase since 2017.

The move is aimed at improving profitability at Japan Post Holdings’ mail and parcel delivery division, which has been hit by a drop in mail volumes.

The subsidiary also plans to increase rates for non-standard size mail items.

The Ministry of the Interior implemented a revised regulation for the postage increases on Thursday.

Japan Post’s mail business, which has been struggling due to declining demand, suffered an operating loss of ¥21.1 billion in fiscal 2022.

Rising costs due to employee wage increases and higher fuel prices also weighed on the company’s operating performance.

The company’s postal business is expected to post an operating profit of 6.7 billion yen in fiscal 2025 thanks to the postage increases, according to an estimate from the Ministry of the Interior.

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