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Mitsubishi UFJ Financial Group Inc. said Wednesday its MUFG Bank unit plans to expand its scaling back of domestic branches to cut fixed costs, and is now eyeing a 40 percent reduction to around 300 branches by March 2024 compared with its 515 as of March 2018.

MUFG Bank initially planned a 20 percent reduction and then revised the target to 35 percent a year ago. It is undergoing major structural reforms at a time when the Bank of Japan's prolonged monetary easing policy is squeezing profitability in the banking sector.

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