Mizuho will raise the long-term interest rate to the highest level for 14 years

TOKYO (Jiji Press) – Mizuho Bank said Monday it will raise its long-term primary lending rate by 0.1 percentage point to 1.8% effective Tuesday, the highest level since November 2009.

The Japanese bank will increase the long-term prime rate, a measure of the interest rate on loans of one year or longer to large companies, for the second month in a row.

The move reflects higher interest rates in Japan as long-term interest rates in the US remain high and there is speculation that the Bank of Japan will tighten monetary policy.