Japan's Banks Raise Mortgage Rates

TOKYO, Oct 01 (News On Japan) - Starting October 1, Japan's major banks will raise their variable mortgage rates, sparking a surge in demand at housing sales sites.

Mitsubishi UFJ, Sumitomo Mitsui, Resona, and Sumitomo Mitsui Trust Bank will increase the standard interest rate on variable housing loans by 0.15% starting October 1.

Mizuho Bank will also raise the standard interest rate for its existing mortgage customers. However, it will maintain the current rate for new mortgage contracts signed in October.

This is the first rate hike in about 15 to 17 years for these banks. As a result, inquiries from potential buyers looking to make a purchase before the rate increase have surged in the housing market.

Yasuhiro Yamaguchi, Deputy Director of the Open House Sales Promotion Department, said, “Both the number of inquiries, requests for information, member registrations, and the number of customers who actually sign contracts have increased compared to the previous year.”

A couple considering purchasing a house mentioned, “Initially, we had completely decided on this bank, but seeing the rate increase made us reconsider.”

For those who have already signed contracts, repayments could increase as early as December. However, many users benefit from preferential rates lower than the standard rate, which is expected to limit the overall impact.

With further interest rate hikes anticipated from the Bank of Japan, competition for mortgage rates, including those from internet banks, is expected to intensify.

Source: ANN

Japan's incoming prime minister announces snap election on October 27

Japan's incoming prime minister Ishiba Shigeru will officially assume his post at the Diet on Tuesday. He says he will call a snap election on October 27. (NHK)

Renowned Satirical Illustrator Shōji Yamatō Passes Away at 87

Illustrator and satirical artist Shōji Yamatō passed away on Monday morning due to natural causes. He was 87 years old. In his renowned column for the Weekly Asahi, which started in 1976, he became famous for his distinctive caricatures of politicians and public figures, gaining popularity through his sharp social satire.

'Sugar Baby Riri' Gets Reduced Sentence

In the trial of Mai Watanabe, also known as 'Sugar Baby Riri' or 'Itadakijoshi Riri-chan,' the Nagoya High Court has handed the defendant a sentence of 8 years and 6 months in prison, six months less than the initial trial's verdict, along with a fine.

Two powerful storms approaching Japan

Japanese weather officials say that over the next few days Typhoon Krathon will likely approach the southwestern islands of Okinawa Prefecture. (NHK)

Tateyama Alpine Route Awash in Autumn Colors, Set to Peak in October

Autumn foliage is advancing early in the Tateyama region of the Northern Alps in Toyama Prefecture, with vibrant red and yellow hues starting to appear.

MEDIA CHANNELS

MORE Business NEWS

Yamaha Chief Resigns After Being Injured by Daughter

Yamaha Motor announced that its President, Yoshihiro Hidaka, 61, resigned Monday following an attack by his daughter on September 16th that left him with severe cut wounds on his left arm.

Japan's Banks Raise Mortgage Rates

Starting October 1, Japan's major banks will raise their variable mortgage rates, sparking a surge in demand at housing sales sites.

Nikkei 225 plunges after Ishiba elected LDP leader

Tokyo's benchmark stock index plunged on Monday following Friday's vote for the leadership of Japan's main ruling Liberal Democratic Party. The election of Ishiba Shigeru as party president has investors reconsidering their bets for economic policy. (NHK)

Toyota's Global Production Drops 11% in August

Toyota's global production has seen a decline for the seventh consecutive month. In August, Toyota Motor Corporation announced that its worldwide production totaled 709,571 units, an 11.2% decrease from the same period last year.

Suzuki to Expand Dealership Network in India by 70%

Suzuki plans to increase its car dealerships in India by 70% to around 6,800 stores by the fiscal year 2030, according to a report by the Nikkei. The automaker has been contracting with local companies to expand its network, adding approximately 200 dealerships annually in recent years.

Nippon Steel president not optimistic about US Steel takeover deal

The president of Nippon Steel says he cannot be optimistic about its takeover of US Steel due to opposition from the United Steelworkers union, or USW. (NHK)

Japan's Average Private Sector Salary Rises for Third Year

The average salary received by employees working in private sector companies last year increased for the third consecutive year, reaching 4.6 million yen, according to a survey by Japan's National Tax Agency.

Consumers Face Higher Egg Prices as Year-End Approaches

Egg prices are increasing once again, particularly impacting businesses like a Baumkuchen specialty shop in Adachi, Tokyo, which uses 3,000 eggs daily. President Eisuke Namai expressed concerns over the rising costs, noting that eggs are crucial for the cake's quality, and a recent price surge has made it difficult to pass on costs to consumers repeatedly.

< 2 3 4 5 >