Mitsubishi Bank cuts rate

Mitsubishi Bank cuts rate

TOKYO (AFP): Japan's Mitsubishi Bank Ltd. said yesterday it
would lower its short-term prime lending rate to 2.75 percent
from three percent, effective April 12.

The cut followed the announcement by the Bank of Japan that
the central bank was easing short-term interest rates to boost a
flagging economic recovery.

Bank sources said other commercial banks were likely to follow
suit shortly.

Mitsubishi Bank announced earlier this week it would merge
with Bank of Tokyo as early as October to create the world
largest bank.