Global 500

Japan Post Holdings made the Fortune Global 500 list for the first time two years ago and, in many ways, it is representative of Japan's slow effort to pull itself out of economic decline. The postal service in Japan was privatized in 2005 and split into four companies with the goal of ultimately spinning off the four divisions by 2017. But a new government administration reversed course in 2010 and has blocked plans for the companies to file initial public offerings.

Japan Post Holdings performed fairly well in 2010, but it faces significant challenges. It raked in about $5.6 billion in net income in 2010, up slightly from $5.23 billion the year before. But the company, which includes banking, insurance, mail delivery and over-the-counter-services divisions, is seeing a national decline in mail volume, savings balances, and insurance policies, CEO Jiro Saito wrote in the company's 2010 annual report.

Saito also mentioned that Japan Post Holdings formed a board to review misconduct after discovering fraud and transparency issues at the company. Even if Japan Post can solve its management issues, it's still difficult to isolate the positive effects of its privatization when the overall Japanese economy remains sluggish. --S.D.