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Mitsubishi UFJ Bank raises prime lending rate for first time in 17 years

Mitsubishi UFJ Bank raises prime lending rate for first time in 17 years

FILE PHOTO: A man walks past a signboard of Mitsubishi UFJ Financial Group and MUFG Bank at its headquarters in Tokyo, Japan April 3, 2018. REUTERS/Toru Hanai/File Photo

TOKYO :Japan's largest lender Mitsubishi UFJ Bank will raise its short term prime lending rate for the first time in 17 years after the Bank of Japan hiked short term interest rates to 0.25 per cent, it said on Wednesday.

The rate will rise to 1.625 per cent from 1.475 per cent from Sept. 2, the banking arm of Mitsubishi UFJ Financial Group said in a statement.

The prime lending rate is the underlying interest rate applied to housing loans, corporate borrowing and other interest products.

It was last raised in March 2007, reaching 1.875 per cent at the time before being periodically lowered in the intervening years.

The bank also raised the ordinary interest rate on yen deposits to 0.1 per cent from 0.02 per cent.

Source: Reuters

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