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Many banks in Japan are raising deposit rates after BOJ action

Many major and regional banks in Japan raised interest rates on regular deposits for the first time in 17 years in March or April, after the Bank of Japan lifted its negative interest rate policy.

Some banks, mainly online banks, also increased variable interest rates on their home loans after the central bank decided at its Policy Board meeting from March 18 to 19 to scrap the negative interest rate policy and reduce the unsecured overnight rate, which is the benchmark for short-term contracts. to steer. -the interbank interest rate in Japan, to around 0.0% to 0.1%, in the first rate hike in 17 years.

Under the negative interest rate regime, the BOJ had set interest rates at minus 0.1% on a portion of commercial financial institutions’ current account deposits with the central bank.

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