Bank of Japan to be restructured

The Bank of Japan faces major restructuring in July, the Yomiuri Shimbun reported Tuesday, with reforms to personnel policies and salaries intended to increase efficiency.

As the main feature of the reforms, the report said, 35 of the Tokyo office's 51 sections will be replaced with 98 offices, established according to function.

An annual salary system will be introduced in July 2005 for all 600 management-level employees in accordance with their performance, reported the Yomiuri Shimbun.

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