Mizuho to Raise Long-Term Prime to 15-Year High

Economy

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Tokyo, Dec. 9 (Jiji Press)--Mizuho Bank said Monday it will increase its long-term prime lending rate for December by 0.05 percentage point from the previous month to 1.9 pct, the highest level in 15 years and four months, effective Tuesday.

The Japanese bank will raise the rate for the fourth consecutive month as domestic long-term interest rates have been rising due to elevated U.S. long-term interest rates and amid growing expectations that the Bank of Japan will raise its policy rate.

The long-term prime is regarded as a benchmark interest rate for loans of over a year extended to large corporate customers.

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[Copyright The Jiji Press, Ltd.]

Jiji Press