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Major Japan banks to raise fixed mortgage rates.

TOKYO, Aug. 31 Kyodo

Nine major Japanese banks said Thursday they will raise their fixed mortgage rates from Friday in response to the Bank of Japan's (BOJ) 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 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 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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