Mizuho to Raise Long-Term Prime Rate to 14-yr High

Jiji Press

14:02 JST, June 11, 2024

TOKYO (Jiji Press) — Mizuho Bank said Monday that it will raise its long-term prime lending rate by 0.1 percentage points to 1.8%, effective Tuesday, the highest level since November 2009.

The Japanese bank will raise the long-term prime rate, a benchmark for interest rates on loans of one year or longer extended to large companies, for the second consecutive month.

The move reflects higher interest rates in Japan as U.S. long-term interest rates remain elevated and amid speculation that the Bank of Japan will tighten monetary policy.