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Japan's banks go even lower on deposits

Sumitomo Mitsui Financial Group, Mizuho Financial Group and Mitsubishi UFJ Financial Group could also lower interest rates.

TOKYO -- Private-sector banks here have begun cutting deposit rates as the effects of the Bank of Japan's surprise decision on negative interest rates start to ripple through the economy.

     Returns on Japanese government bonds sank across the board Monday. The benchmark 10-year yield fell 4.5 basis points at one point to 0.05%, dipping below records for a second straight session.

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