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TOKYO (Jiji Press) — Major banks are expected to raise their fixed housing loan rates next January after a Bank of Japan policy tweak pushed up long-term interest rates.
MUFG Bank and four others are seen announcing such moves soon.
Banks set fixed rates for the initial 10-year loan period, a popular segment, based on long-term interest rates on the bond market.
The yield on the newest 10-year Japanese government bond issue, a market benchmark, shot up from around 0.25% to over 0.4% after the BOJ raised its cap on long-term rates to 0.5% from 0.25%.
