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Big Japanese banks hold steady on mortgage rates

Major Japanese banks will not raise key mortgage rates in October.

TOKYO -- Japan's five leading banks are keeping mortgage rates flat in October, adopting a wait-and-see stance as long-term interest rates languish even after the Bank of Japan announced plans to guide them toward 0%.

The big five are keeping their annual prime 10-year fixed mortgage rates unchanged from September. Mizuho Bank, Resona Bank and Sumitomo Mitsui Banking will stick to their 0.7%, 0.75% and 0.8%, respectively. Sumitomo Mitsui Trust Bank will keep its rate at 0.45%, and Bank of Tokyo-Mitsubishi UFJ at 0.6%.

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