Mizuho Bank announced on Monday it will increase its long-term prime lending rate by 0.1 percentage point.
The new rate of 3.25% takes effect this Wednesday. This marks the highest level for the benchmark in approximately 30 years.
Mizuho Bank is raising the rate in response to rising long-term interest rates in Japan. The prime rate serves as the benchmark for loans of one year or longer to large corporate clients.
This move signals a potential shift in the broader lending landscape for Japanese corporations.