Aozora Bank tops Japan's August deposit rate ranking with 1% ordinary rate

Aozora Bank became the first major Japanese bank to offer a 1.000% ordinary deposit rate, topping the August ranking as most banks raised rates to a new 0.400% standard. The increases follow the Bank of Japan's June decision to lift its policy rate from 0.75% to 1.0%, held steady on July 31. Megabanks led the move to 0.400%, with competitors following suit on August 3. Japan Post Bank will match the 0.400% standard on August 10. Among fixed deposits, SBI Shinsei Bank leads five-year terms at 1.800%, while MUFG tops ten-year terms at 1.250%.