Japan Banks Finally Reward Long-Suffering Savers With 0.2% Rate
- MUFG, Sumitomo Mitsui, Mizuho raise 10-year deposit rate
- Banks face competition as customers eye new NISA accounts
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For Japanese consumers it’s an almost forgotten sensation: Getting a return on money they deposit in the bank.
After keeping deposit rates at virtually zero for years, Japan’s major banks have begun to raise them. Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. in recent weeks all lifted the rate on their 10-year deposits to 0.2% from 0.002%, minuscule moves that signal looming shifts in the banking landscape.