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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.

Other large banks are expected to match Tokyo-Mistubishi UFJ’s rate increase.

The interest rate on 10-year deposits of 10 million yen or more, the highest among time deposit rates offered by the bank, will rise to 0.55 percent from the current 0.25 percent.