Banks to reduce interest rates in September
Five of Japan’s mega-banks will reduce interest rates on home loans this month due to increased competition and a relatively low long-term government bond yield.
The Bank of Tokyo-Mitsubishi UFJ (MUFJ) and Sumitomo Mitsui Banking Corporation (SMBC) will reduce their prime rate for a 10-year fixed-rate mortgage by 0.1 points to 1.20%. Mizuho Bank will reduce their 10-year fixed-rate by 0.05 points to 1.20%.Read more