BOJ to cut retirement money for its directors

JAPAN - The Bank of Japan (BOJ) said Friday it will cut retirement allowances for all its directors in line with the government's recent decision on pay cuts for executives of public corporations.

Retirement allowances to be paid to the BOJ governor at the expiry of his term will drop to 36.12 million yen from 51.08 million yen, effective fiscal 2002 beginning Monday, the BOJ said.

Allowances for the deputy governor will come to 28.56 million yen from 40.39 million yen.

The central bank also

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