Sumitomo Mitsui bank also raises 10-year rate 100 fold

TOKYO, Nov 03 (News On Japan) - Sumitomo Mitsui Banking Corporation will soon raise the interest rate on 10-year term deposits from the current 0.002% to 0.2%, a 100-fold increase, following a similar move by Mitsubishi UFJ.

The rate is still low by world standards, for instance, if you deposit 1 million yen, the interest earned in a year will amount to 2,000 yen.

The new rate reflects the recent rise in long-term interest rates, which momentarily reached 0.97% in the government bond market yesterday.

In addition to Mitsubishi UFJ Bank and Sumitomo Mitsui Banking Corporation, Mizuho Bank is also considering a significant increase in the interest rates for fixed deposits soon.

by Brian Dentry

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