The Japanese government plans to sell its entire stake in Japan Tobacco (JT) and other firms to pay for reconstruction that became necessary after the March earthquake, reports Financial Times.

The ruling Democratic party took the surprise decision – which would represent Japan’s biggest privatisation in years – to ease the tax burden on citizens. It expects to raise to raise JPY 2 trillion (EUR 16.7 billion).
The government would aim to reduce its 50 per cent stake in JT down to a third within the next five years according to Seiji Maehara, DPJ policy chief. It aims to sell the remainder within ten years. (pi)