After the BOJ changed its policy, the biggest banks in Japan raised their rates for home loans.

The three biggest banks in Japan said on Friday that they would raise interest rates on home loans starting next month. This was in response to the Bank of Japan making a change to its ultra-loose policy.

Sumitomo Mitsui (NYSE:SMFG) Banking Corp., the main banking unit of Sumitomo Mitsui Financial Group, will raise 10-year fixed-rate loans by 0.26 percentage point to 3.79%, while Mizuho Bank, the main banking unit of Mizuho Financial Group, will raise them by 0.3 percentage point to 3.50%.

The main bank of Mitsubishi UFJ Financial Group, Mitsubishi UFJ (NYSE:MUFG) Bank, will raise the rate by 0.18 percentage points, to 3.7%.

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Sumitomo Mitsui charges 1.14%, Mizuho charges 1.60%, and Mitsubishi UFJ charges 1.05% for their special loan programmes for certain customers.

Last week, the 10-year bond yield cap was raised from 0.25% to 0.5%, which surprised the market.