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Major Japan banks to raise fixed mortgage rates.

TOKYO, Aug. 31 Kyodo

Nine major Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and  banks said Thursday they will raise their fixed mortgage rates from Friday in response to the Bank of Japan's (BOJ BOJ Bank Of Japan
BOJ Bank of Jamaica
BOJ Bourgas, Bulgaria (Airport Code)
BOJ Beginning of Job
) decision to end its zero-interest rate policy.

The size of the rate rises ranges from 0.05 to 0.20 percentage point.

For 3-year mortgages, Bank of Tokyo-Mitsubishi and five other banks will raise the rate to 2.40%, Fuji Bank The Fuji Bank, Limited (株式会社富士銀行   to 2.45%, Daiwa Bank to 2.30% and Asahi Bank to 2.00%.

For 10-year mortgages, Sanwa and Sakura banks and three other banks will boost the rate to 3.50%, Fuji Bank to 3.75%, Tokai Bank to 3.55%, and Asahi and Daiwa banks to 3.20%.

Earlier this month, the BOJ scrapped the 18-month-old policy of guiding the key unsecured Unsecured

A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge.
 overnight call money rate to near zero, setting the new target at around 0.25%.
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Publication:Japan Weekly Monitor
Date:Sep 4, 2000
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