Shinsei Bank to raise interest rate tenfold on 6-month deposits

May 31 (Nikkei) - Japan's Shinsei Bank will raise the interest rate on six-month deposits tenfold to 0.1% from Wednesday, shifting to a strategy of chasing savings after becoming a subsidiary of financial conglomerate SBI Holdings.

The strategy bucks the trend of domestic banks, which have been lowering deposit rates due to the prolonged negative interest rate policy of the Bank of Japan. Shinsei is also aiming to increase loans and investment income to offset a higher interest rate burden.

The offer is open to online deposits only, which account for more than 90% of time deposit. The annual deposit rate for six-month and three-month time deposits of 300,000 yen ($2,350) or more will be 0.1%, 50 times that of major banks.

The rate for one-month deposits will be 0.2%, as Shinsei hopes to attract customers to try out such accounts. The annual deposit rate for one-year deposits of 1 million yen or more will rise to 0.15% if the accounts are also used to receive salaries.

For foreign currency deposits, the one-year U.S. dollar deposit rate will be raised to 3% per annum, up from 2%, which was already raised from 1% in April. ...continue reading

Source: TBS NEWS

Hachiko Statue Sealed Off Ahead of Halloween in Shibuya

Tokyo’s Shibuya Ward has installed barricades around the Hachiko statue in front of Shibuya Station as part of safety measures ahead of Halloween on October 31st.

Japan to Introduce Free High School Education Next Year

The Liberal Democratic Party, Nippon Ishin no Kai, and Komeito have reached an agreement on the framework for Japan’s new free high school tuition program, which will begin in fiscal 2026. Under the plan, tuition support for private full-time high schools will be capped at 457,000 yen, while correspondence courses will have an upper limit of 337,000 yen.

Sense of Crisis in World Heritage Shirakawa Village: ‘Never a Year with So Many Bears Before’

Bear sightings have surged across Japan, and in Gifu Prefecture’s Shirakawa Village—home to the UNESCO World Heritage site of Shirakawa-go—local authorities held a nighttime drill on October 28th to prepare for possible emergencies.

Japan Mobility Show Opens, Toyota Unveils Century Coupe

The Japan Mobility Show opened on October 29th, marking the start of Japan’s premier automotive exhibition, where foreign manufacturers are stepping up their entry into the country’s growing electric vehicle (EV) market.

Takaiichi and Trump Emphasize Importance of Japan-U.S. Alliance

Prime Minister Takaiichi’s first face-to-face meeting with U.S. President Trump drew high praise from officials at the Prime Minister’s Office, who described the atmosphere as friendly and open. According to government sources, the two leaders addressed each other by their first names, “Sanae” and “Donald,” a gesture that one senior official called “120 points,” underscoring the success of the meeting.

MEDIA CHANNELS

MORE Business NEWS

Chinese Paper Companies Surge in Osaka Ahead of Visa Tightening

In a quiet neighborhood of Osaka stands a four-story building with around 40 rooms. Yet more than 100 companies are registered there, despite the absence of any visible workers.

UK Buyers Captivated by Yame Tea

Two tea buyers from London arrived in Fukuoka on October 28th to explore the unique appeal of Yame tea, one of Japan’s most celebrated green teas. The visit, organized by Fukuoka Prefecture as part of efforts to expand agricultural exports, aimed to introduce the rich aroma and depth of Yame tea to the United Kingdom, a nation long associated with black tea culture.

Japan Mobility Show Opens, Toyota Unveils Century Coupe

Nikkei Closes Above 50,000 for the First Time Ever

The Nikkei Stock Average closed at 50,512 yen on October 27th, surpassing the 50,000 mark for the first time in history and setting a new all-time high. The benchmark index rose 1,212 yen from the previous trading day, driven by strong gains across sectors.

McDonald's Japan to End Paper Straws

McDonald's Japan announced it will phase out the use of paper straws and introduce new lids that allow customers to drink directly from the cup without a straw starting on November 19th.

'50-Year' Home Loans Surge as Construction Costs Rise

More homebuyers in Japan are turning to ultra-long housing loans, with some mortgages now stretching as long as 50 years as buyers try to keep monthly payments down in the face of sharply higher construction costs.

Kumamoto Expands Chip Production as TSMC Plans Second New Plant

A subsidiary of Taiwan Semiconductor Manufacturing Co. (TSMC), a leading chipmaker, signed a location agreement with Kikuyo Town in Kumamoto Prefecture on October 24th for the construction of its second factory in Japan.

Toyota Unveils Vision for Future Mobility

As anticipation builds for the Japan Mobility Show 2025, set to open at Tokyo Big Sight from October 30th to November 9th, Toyota Chairman Akio Toyoda has announced a sweeping reorganization of the automaker’s brand strategy. The company will redefine its group structure, including Daihatsu, into five distinct brands, with its flagship luxury car, the Century, becoming a fully independent marque.

< 2 3 4 5 >