The Chugoku Bank will raise its ordinary deposit rate from 0.4% per annum to 0.5%, effective from 2 November. The bank also plans to raise its short-term prime rate to 3.125%.
According to Nikkei, The Chugoku Bank, a subsidiary of Chugin Financial Group, announced that it will raise its ordinary deposit rate from the current 0.4% per annum to 0.5%. The increase will take effect from 2 November.
On the same day, the bank will also raise its short-term prime rate, the benchmark for lending rates, from 2.875% to 3.125%. The bank said the move reflects market interest rate trends following the Bank of Japan's policy rate hike.
The interest rate changes have been reported as part of broader changes in financial conditions in response to developments at the Bank of Japan.