Major Japanese Banks Raise Deposit Interest Rates

TOKYO, Mar 19 (News On Japan) - In response to the Bank of Japan's decision to end its negative interest rate policy and implement the first interest rate hike in 17 years, the three major Japanese banks have announced an increase in deposit interest rates.

Mitsubishi UFJ Bank will raise the interest rate on ordinary deposits from the current 0.001% to 0.02%, a twentyfold increase, starting March 21. The interest rates for fixed deposits (in yen) will also be raised. For example, the interest rate for a one-year fixed deposit will increase from 0.002% to 0.025%.

Similarly, Sumitomo Mitsui Banking Corporation will increase the interest rate on ordinary deposits from 0.001% to 0.02% starting April 1. The bank also plans to raise the interest rates for fixed deposits.

Mizuho Bank has also announced plans to raise the interest rates for ordinary deposits and fixed deposits.

Source: 日テレNEWS

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