Four major Japanese banks said Friday that they will raise their annual interest rates on ordinary deposits to 0.3% from the current 0.2%, effective Feb. 2, 2026, following the Bank of Japan¡¯s latest rate hike decision.
The four banks are MUFG Bank, Sumitomo Mitsui Banking, 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% from 0.1%.
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% from 1.875%, also effective Feb. 2. For MUFG Bank, it will be the highest level in about 30 years.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.