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Sumitomo Mitsui to Charge Fees on Accounts of Overseas Lenders

  • Goal is to recover costs of the BOJ's negative interest rates
  • Mitsubishi UFJ and Mizuho are considering similar steps

Sumitomo Mitsui Financial Group Inc. said it plans to begin recouping costs it incurs as a result of the Bank of Japan’s negative interest rate policy from foreign banks that deposit funds in its correspondent accounts.

The lender will apply the fees on some yen-denominated accounts of overseas banks with balances exceeding a certain level, Yuichiro Himuro, a spokesman for the Tokyo-based bank, said Tuesday in a telephone interview. Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. are considering similar action, spokesmen for the Japanese lenders said Tuesday.