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Economy

Japan's BTMU cutting 10-year fixed rate to 0.8%

Japanese banks are lowering mortgage rates.

TOKYO -- Bank of Tokyo-Mitsubishi UFJ will lower its best rate on 10-year fixed-rate mortgages to 0.8%, undercutting the Mitsubishi UFJ Financial Group unit's two megabank peers in a move likely to further heat up competition among lenders in Japan.

     The 25-basis-point cut announced Friday will take effect March 1. All three megabanks had offered 1.05% from Feb. 1 until Sumitomo Mitsui Banking Corp. decided to cut its rate to 0.9%, effective this past Tuesday. Mizuho Bank will do the same, starting Monday. SMBC is a unit of Sumitomo Mitsui Financial Group, and Mizuho Bank's parent is Mizuho Financial Group.

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