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Mitsui Sumitomo bank this week lowered its rate of interest for ordinary savings accounts to 0.001%.
At 7% interest, a savings account with no activity - no deposits or withdrawals - will double in value in roughly 10 years. At current rates at Japanese banks, it will take between 200-800 years.
An account with one million yen ($8,747) balance will earn 10 yen (8 cents) after one year.
Source: NHK Radio News
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Sunday, February 21, 2016
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