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Japanese banks must move forward with consolidation by using everything from mergers to informal tie-ups to tackle declining profitability, according to the new chief of the industry’s main lobby group.

“Consolidation has to advance from here, and the formats for doing this are going to get more diverse,” Koji Fujiwara, who started as chairman of the Japanese Bankers Association on Sunday, said in an interview. He also sees more scope for cooperation between regional and large banking groups.

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