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The total amount of long-term debts at the start of the reform reached 37.1 trillion yen.
The new JR companies were succeeded 11.6 trillion yen of long-term debts, and the Japan National Railways Settlement Corporation (hereinafter referred to as the Settlement Corporation) which succeeded the former JNR, took over the remaining 25.5 trillion yen (Fig. 19). In January 1986 and January, 1988, the Cabinet approved the settlement policies for the long-term debts and other liabilities carried over by the Settlement Corporation. The policy clearly stated that after the Settlement Corporation had repaid some part of such debts from its own financial resources, including profits gained by selling land and other assets, the remaining debts would be taken over by the government. The government would study and make a decision regarding new financial resources and measures required for the full-fledged settlement of the debts, when the status of land asset sales becomes clear, together with a comprehensive review of revenues and expenditures.
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