4 Major Japanese Banks to Raise Deposit Rates to 0.2 Pct

Tokyo, Jan. 24 (Jiji Press)--Four major Japanese commercial banks said Friday that they will raise their interest rates on ordinary deposits from 0.1 pct to 0.2 pct, the highest level in about 17 years, following the Bank of Japan’s decision to raise its policy interest rate.

The higher rates will take effect on March 3 for MUFG Bank, Mizuho Bank and Sumitomo Mitsui Trust Bank, and on March 17 for Sumitomo Mitsui Banking Corp.

Other banks are expected to follow suit.

The four banks are also mulling raising interest rates on time deposits.

It was the third time for major banks to hike ordinary deposit rates since the central bank ended its negative interest rate policy last March.

[Copyright The Jiji Press, Ltd.]