The Japan Railways Group, more commonly known as JR Group (JRグループ, Jeiāru Gurūpu?), consists of seven for-profit companies that took over most of the assets and operations of the government-owned Japanese National Railways on April 1, 1987. Most of the liability of the JNR was assumed by the JNR Settlement Corporation.
JNR Settlement Corporation (日本国有鉄道清算事業団, Nippon Kokuyū Tetsudō Seisan Jigyōdan?) was a corporation formed to handle long-term debts and redundancies following the privatisation and breakup of Japanese National Railways on April 1, 1987.
It was dissolved on October 22, 1998 after being unable to pay back more than 30 trillion JPY in long-term debt. Following its dissolution, its assets and liabilities were inherited by the Japan Railway Construction Public Corporation.
In 1998 JRCC assumed the assets and liabilities of the JNR Settlement Corporation; JNRSC’s existing long-term debts were incorporated into the national government’s general debt. The JRCC was dissolved on October 1, 2003 and its responsibilities were passed to the Japan Railway Construction, Transport and Technology Agency (JRTT).
Increased efficiency and profitability. Sure. Silly liberals.
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