How Low Can You Go? Deposit Rates Hit 0.00% at Japan’s Banks

The average rate that Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc.’s main banking units pay depositors fell to 0.00 percent for the first time in the nine months ended December, from 0.03 percent a year earlier, their latest earnings statements show. The numbers aren’t exactly zero: the banks round the figures to two decimal places by simply cutting the third digit.