TOKYO -- Japan's Sumitomo Mitsui Banking Corp. will raise interest rates on dollar-denominated time deposits to 5.3% from 0.01%, Nikkei has learned, a rate substantially higher than what large U.S. lenders now provide on similar offerings.
Finance
Japan's SMBC to boost rates on dollar deposits to 5.3% from 0.01%
Bank will give higher interest on U.S. currency than big American peers
Raising interest rates on dollar time deposits in Japan will help customers avoid the risk of losses from exchange rate fluctuations. © Reuters
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