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Regulator to allow Japanese banks to close on weekdays

Japan's Financial Services Agency is considering allowing banks to close on weekdays as the number of people patronizing bank branches declines, Jiji Press reported May 10.

Banks in the country have been allowed to close only during weekends and public holidays since 1890.

But as the population shrinks and online banking service gain popularity, this may change as early as this summer, according to FSA officials. The move will help banks cut operational costs.