Major banks to raise interest rates this month

The Bank of Tokyo-Mitsubishi UFJ (MUFG) and other major Japanese banks will be raising the prime rate on their 10-year fixed-rate home loans this month. 

From April 1, MUFG and Sumitomo Mitsui Banking Corporation (SMBC) increased their prime rate by 0.1 points to 1.45%. Mizuho Bank and Resona Bank are also likely to increase rates by 0.05 points to 1.40%. For MUFG and Resona, this is the first time in 3 months that they have increased their long-term mortgage interest rates, while it is the first time in 4 months for Mizuho Bank to do so.

Sources:
FNN News, March 28, 2014.
NHK News, March 21, 2014.

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