Sumitomo Mitsui Banking Corp. has lowered its benchmark yen deposit rate to 0.001 percent from 0.02 percent in response to the Bank of Japan’s negative interest-rate program, which takes effect Tuesday. That gets you the equivalent of $10 interest on $1 million in savings for a year -- before taxes. SMBC’s deposit rate was last at that level when the central bank had a zero-rate policy in the early 2000s.
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