The Japanese government cleared another hurdle in...

The Japanese government cleared another hurdle in its efforts to sell off its shares in Japan Air Lines. A government plan to sell its 34.5% JAL stake, valued at more than $5 billion, was approved by the upper house of Parliament. Privatization will free JAL to restructure its operations to compete against increasingly stiff domestic and foreign competition, a JAL spokesman said. The sale may be as early as November, but no later than March 31, and foreigners will be allowed to buy up to one-third of the shares, a Finance Ministry official said.