BOJ rate hikes add $50 to Japan's average monthly mortgage payment

TOKYO -- The Bank of Japan's two most recent interest rate hikes add roughly 8,000 yen ($51) to the average monthly mortgage payment in the country, Nikkei calculations show, in some cases canceling out the tax benefits of homeownership.

The average mortgage on a first-time buyer's custom-built home is 44.47 million yen, according to data from the Ministry of Land, Infrastructure, Transport and Tourism. Rounding this figure to 45 million yen, or roughly $290,000, the monthly payment on a 35-year adjustable-rate mortgage taken out a year ago at 0.4% -- the most favorable terms available at the time -- would have been 115,000 yen if rates had held steady.