Japan Telecom Co. announced Thursday a midterm business management plan that includes cutting planned capital expenditures by up to one-third by the end of the 2004 business year.

Under the plan, named Project V, it will cut 10 percent of its personnel costs during that period, said William Morrow, a former Vodafone executive who became the firm’s president in December.

The nation’s largest telecommunications carrier will also target double-digit growth in annual revenue from business data and managed services.

Morrow, however, declined to disclose specific figures for the targets.

Morrow said that business focuses of Japan Telecom have long been “diluted,” and that the company will distinguish core-business segments from noncore business, and possibly dispose of the latter.

But he declined to say what specific areas may be terminated, saying analysis is still under way.

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