Following the Bank of Japan’s surprise announcement to set interest rates at minus 0.1%, Japan’s retail banks have started to make moves to lower home loan interest rates.
The Bank of Tokyo-Mitsubishi UFJ (MUFJ), Sumitomo Mitsui Banking Corporation (SMBC) and Resona Bank plan to reduce the prime rate on their 10-year fixed-rate home loans by 0.05 points to 1.05%.
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