Japan Banks Report Interpretation

Overview

This is a September rate tracker for Japanese banks. Goldman Sachs finds that mortgage pricing increased at several major and online lenders, while deposit-rate increases and continuing campaigns point to an increasingly competitive effort to secure funding.

Core views

Goldman Sachs reports that Japanese banks released September mortgage rates, with the most notable moves in floating-rate mortgage base rates. MUFG Bank and SMBC each raised their rates by 25bp month on month, while Rakuten Bank made a smaller increase. MUFG's increase left Mizuho with the lowest borrowing rate among the megabanks. Resona and Bank of Yokohama, neither of which raised rates in the prior month or September, remained below 1%. Among online lenders, DOCOMO SMTB Net Bank made the largest reported borrowing-rate move, increasing by 55bp month on month. The accompanying rate comparison also shows that changes extended beyond floating mortgages: fixed-rate offerings moved at a number of banks, with the report presenting new rates for floating loans, 10-year fixed loans, and a broader September mortgage-rate comparison. Goldman Sachs also identifies the reset and payment timing for lenders, noting that reset dates and the timing at which changed rates affect payments vary by bank. For SBI Shinsei, the stated reset and payment dates apply when there is no bonus repayment or when bonus repayment is scheduled for June or December. On deposits, Goldman Sachs says banks that had not raised time-deposit rates as of early August did so in September, producing higher rates mainly at regional banks. The report observes few new time-deposit campaigns, but notes extensions of existing campaign periods and increases in the amounts of funding eligible for those campaigns. It frames these developments against concern over an overheating scramble for capital as lending demand rises rapidly. With Goldman Sachs economists forecasting the possibility of a September rate hike, the report says it will continue to monitor each bank's deposit-acquisition strategy.

Analysis framework

The report compares banks' September and August published mortgage and deposit-rate schedules, identifies month-on-month changes, and contrasts pricing across megabanks, regional banks and online banks. It then links deposit pricing and campaigns to the funding environment and prospective policy-rate conditions.

Methodology notes

• Industry AnalysisSupply-demand framework

  Tracking deposit acquisition as lending demand rises

  The report treats stronger lending demand as increasing banks' need to attract deposits, and uses changes in deposit rates and campaign terms to monitor the resulting competition for funding.

Key data

• MUFG Bank floating mortgage base-rate change+25bp MoMSeptember increase.
• SMBC floating mortgage base-rate change+25bp MoMSeptember increase.
• DOCOMO SMTB Net Bank borrowing-rate change+55bp MoMLargest specifically highlighted September increase.
• Resona and Bank of Yokohama borrowing ratesBelow 1%Both banks had not raised rates in either the prior month or September.
• Deposit-rate reference date1 September 2026Date for the September deposit-rate and campaign comparison.

Impact & implications

The report indicates that mortgage repricing is spreading across major and online banks, while higher deposit rates and extended campaigns signal active competition to obtain funding as lending demand increases and a possible September rate hike approaches.

What to watch

• Banks' deposit-acquisition strategies amid rapidly increasing lending demand.
• Whether the anticipated September rate hike materializes.
• Further mortgage-rate and time-deposit-rate changes across megabanks, regional banks and online banks.