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Trillions of yen of financial support hasn’t been enough to win over Japan’s commercial banks, with the majority of lenders still vehemently opposed to the central bank’s negative interest rate policy.

While the Bank of Japan’s ¥75 trillion ($700 billion) of measures to prop up lending during the pandemic are welcome help, senior banking sector officials interviewed by Bloomberg said the prevailing view in the industry remains that the profit-draining negative rate should never be lowered and should be scrapped altogether.

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