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Business

Japan's megabanks raise fees as negative rates squeeze earnings

Changing bills will cost more as the sector looks for new income

TOKYO -- Japan's megabanks will raise fees for changing bank notes for new or smaller bills as they look for more revenues to counter the impact of the Bank of Japan's negative interest rate policy.

The increase will take effect from January at Mizuho Bank. Currently, customers can change up to 50 bills free of charge at the bank counter. The complimentary limit will drop to 30 bills and will apply only to account holders. Others will have to pay 324 yen ($2.87) per exchange.

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