Sumitomo Mitsui Banking Corp. Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ

Sony Bank: The country top three commercial banks, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp. and Mizuho Bank, will lower time deposit rates on Monday, according to The Japan Times. Sony Bank has already reduced the interest rate on ordinary deposits to 0.001 percent. Commercial banks are lowering their deposit rates due to falling market interest rates, while the Finance Ministry has suspended the sale of government bonds targeting retail investors. An increasing number of asset management companies have halted the sale of money management funds due to difficulty securing investment returns amid falling government bond yields. On Friday, the benchmark 10-year government bond yield hit a record low of 0.020 percent. The ministry has canceled a plan that would have sold 10-year government bonds to retail investors in lots of ¥50,000 starting last Friday due to possible low demand. (news.financializer.com). As reported in the news.