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First Japanese bank to offer short-term prime rate above 1.875% by end of 2025?
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Japan•Mitsubishi UFJ Financial Group•Sumitomo Mitsui Banking Corporation•Mizuho Bank•Bank of Japan•BOJ•Mitsubishi UFJ Bank•Sumitomo Mitsui Bank•Mitsubishi UFJ•Mizuho•Sumitomo Mitsui
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Mitsubishi UFJ • 25%
Sumitomo Mitsui • 25%
Mizuho • 25%
None by end of 2025 • 25%
Official announcements from Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho
Story
Mitsubishi UFJ, Sumitomo Mitsui, Mizuho Raise Deposit Rates to 0.2% in March, a 17-Year High
Jan 24, 2025, 09:28 AM
Japan's three major banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, announced on January 24, 2025, that they will raise the interest rate on ordinary deposits to 0.2% from 0.1%, effective March. This decision follows the Bank of Japan's (BOJ) move to raise its policy rate to 0.5%. The last time the deposit rate reached 0.2% was in November 2008, marking a 17-year high. Mitsubishi UFJ Bank and Sumitomo Mitsui Bank will also increase their short-term prime rate from 1.625% to 1.875%, with Mitsubishi UFJ and Mizuho applying the new rates from March 3, and Sumitomo Mitsui from March 17. The new short-term prime rates will apply to new loans from April and existing loans from June.
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