Global 500

Japan Post Holdings Co. climbed five notches on our list, despite a turbulent 2009: Japan�s new government scrapped plans to privatize the agency that combines mail delivery with banking and insurance services. In 2007, a previous administration split Japan Post into four parts -- banking, insurance, mail delivery and over-the-counter-services -- to make it easier to sell to private hands by 2017. But the new administration scaled the plan back as part of an effort to stem privatization and also dropped a proposed public offering.

It remains to be seen what Japan�s leadership has in store for Japan Post (the nation has had five prime ministers in three years). The current government wants to expand the agency�s financial services menu, but private banks and insurance companies, who fear it could distort competition, are crying foul.

-- N.T.