TOKYO -- The average interest rate on outstanding loans by Japanese banks rose for the seventh straight month to 0.83% in July, data published Thursday by the Bank of Japan shows, a trend expected to affect mortgages and fixed-rate corporate loans in coming months.
Leading banks typically base their lending rates on a reference rate, such as the Tokyo Interbank Offered Rate, plus a spread. TIBOR has been rising since the BOJ ended its negative interest rate policy in March, driving up the interest on floating-rate loans.
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