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IBJ to leave long-term prime rate unchanged.

TOKYO, Jan. 11 Kyodo

The Industrial Bank of Japan (IBJ) said Tuesday it will leave its long-term prime lending rate unchanged at 2.2% per year due to the recent stability in long-term interest rates.

Japan's two other long-term credit banks -- the Long-Term Credit Bank of Japan and Nippon Credit Bank, which are both under temporary state control -- are also expected to keep the prime rate unchanged.

The IBJ decided not to change the rate because the yield on the latest issue of five-year interest-bearing bank debentures, to which the prime rate is linked, is at the same level as in early December.

The long-term prime rate is the rate that banks charge their most creditworthy customers on loans of one year or longer. The rate was lowered in September and October 1999.
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Comment:IBJ to leave long-term prime rate unchanged.
Publication:Japan Weekly Monitor
Geographic Code:1USA
Date:Jan 17, 2000
Words:133
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