Bank of Tokyo-Mitsubishi UFJ said Friday it will offer interest rates of double or more what it currently pays on time deposits of one-year and longer, starting Monday.

The rate increase by the major commercial bank will be its first since April 2001 and follows the Bank of Japan’s recent move away from its ultraloose “quantitative easing” monetary policy, which has pushed up market interest rates.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.