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. Last Updated: 07/27/2016

Japan Bank Review

TOKYO -- Japan's central bank has appointed a top U.S. management consultant for a drastic review of its organization and to boost efficiency, officials said Thursday.

McKinsey and Co. of the United States won the contract from the bank last month, beating five other competitors, a Bank of Japan spokesman said, while refusing to disclose the price of the deal.

"It is the first time we have used a foreign firm for a drastic review of the organization," the official said.

The bank had turned to foreign consultants for limited information and personnel system reforms in the past, he added.