Nippon Telegraph & Telephone Corp will file an application with the Ministry of Posts & Telecommunications to cut telephone rates for both long and short distance calls in Japan as of next February: the rate reduction was promised last June when NTT announced a huge pre-tax profit of $4,000m, and the phone company intends to cut the price of a three-minute long-distance daytime call by 8.3% to $2.64 and for a three-minute local call to 16 cents from 24 cents; NTT’s profit this financial year will not be as high as expected because of competition from its new rivals.
