Japan prepared to ‘privatize’ its national railway.

The Japanese National Railways will end a 115-year history today and officially dissolve into nearly a dozen private companies. Japan already has taken major steps toward privatization by selling off the telephone, tobacco and salt monopolies. Despite its reputation for superb service and high technology, JNR has paid stricter attention to schedules than to balance sheets. Since 1964, the system has accumulated a debt of 25 trillion yen, or about $172 billion at current exchange rates.