Reengineering—sometimes called business process reengineering, or BPR—originated in a 1990 article in the Harvard Business Review by former MIT professor Michael Hammer, who followed up in 1993 with the seminal book Reengineering the Corporation.

The core of reengineering is a change in organizational structure, in which people who were formerly organized by function (“functional silos”) are instead organized by process or product.

The yen has slid to its lowest level in almost seven months compared to the US dollar. The latest exchange rate is 104 yen to one US dollar, a 5% depreciation from last month. Less than a year ago, the exchange rate was 80 yen to the dollar. Year-over-year, the value of the Japanese yen declined more than 30%.