Tokyo, Dec. 19 (Jiji Press)–Four major Japanese banks said Friday that they will raise their annual interest rates on ordinary deposits to 0.3 pct from current 0.2 pct, effective Feb. 2, 2026, following the Bank of Japan’s latest rate hike decision. The four are MUFG Bank, Sumitomo Mitsui Banking Corp., Mizuho Bank and Sumitomo Mitsui Trust Bank. The interest rates will rise to the highest levels since 1993 for MUFG Bank, Sumitomo Mitsui Banking and Sumitomo Mitsui Trust Bank. After the BOJ hiked its policy interest rate in January this year, the four banks increased their ordinary deposit rates to 0.2 pct from 0.1 pct. Also on Friday, MUFG Bank and Mizuho Bank said they will raise their short-term prime lending rates, which influences floating housing loan rates, to 2.125 pct from 1.875 pct, effective Feb. 2, 2026. For MUFG Bank, it will be the highest level in about 30 years. END [Copyright The Jiji Press, Ltd.]
4 Major Japanese Banks to Hike Ordinary Deposit Interest Rates
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