© Reuters. FILE PHOTO: A man walks past a branch of Sumitomo Mitsui Banking Corp (SMBC) Trust Bank in Tokyo, Japan September 5, 2017. REUTERS/Kim Kyung-Hoon
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TOKYO (Reuters) – Japan’s three biggest banks said on Friday they would raise interest rates for housing loans for next month, reflecting the Bank of Japan’s tweak in its ultra-loose policy.
Sumitomo Mitsui (NYSE:) Banking Corp, the main banking unit of Sumitomo Mitsui Financial Group , will raise 10-year fixed-rate loans by 0.26 percentage point to 3.79%, while that rate for Mizuho Bank, the main banking unit of Mizuho Financial Group, will be 3.50%, up by 0.3 percentage point.
Mitsubishi UFJ (NYSE:) Bank, the main banking unit of Mitsubishi UFJ Financial Group, will raise the rate by 0.18 percentage point to 3.7%.
Each bank has special loan programs for selected customers so their rates will be lower, with Sumitomo Mitsui charging 1.14%, Mizuho 1.60% and Mitsubishi UFJ 1.05%.
Japan’s central bank surprised the market last week by raising the cap on 10-year bond yield to 0.5% from 0.25%.
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