Seven of Japan's major commercial banks said Monday they will raise their short-term prime lending rates from 1.375 percent to 1.5 percent, effective Thursday.
The banks are Sumitomo Bank, Sanwa Bank, Sakura Bank, Dai-Ichi Kangyo Bank, Tokai Bank, Asahi Bank and Shinsei Bank.
The rate hikes follow the Bank of Japan's Aug. 11 decision to scrap its "zero-interest-rate" policy.
The short-term prime rate is charged on loans of less than one year to a bank's most creditworthy corporate customers.
The Bank of Tokyo-Mitsubishi said Friday it will raise its rate from 1.375 percent to 1.5 percent, also as of Thursday.