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Business trends

Japan's megabanks study shared ATMs and more self-services

Cost-cutting paramount as nation shifts to cashless economy

People use Mizuho Bank ATMs in Tokyo. Mizuho is unlikely to join discussions on sharing ATMs with other major banks for now.   © Reuters

TOKYO -- Japan's three megabanks are trying to cut costs by reducing the number of ATMs and full-service branches as the country shifts to a cashless economy and the Bank of Japan's negative interest rate policy erodes profits.

With banks forced to pursue structural reforms without compromising customer convenience, Mitsubishi UFJ Financial Group President and CEO Nobuyuki Hirano on May 15 unveiled plans to increase the number of new self-service branches.

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