Japan's Real Estate Shares Decline as Banks Raise Mortgage Interest Rates

(Bloomberg) -- Japanese property developer stocks
fell, led by Mitsubishi Estate Co., after the country's largest
bank raised interest rates on fixed-rate mortgages. Higher
mortgage rates may damp demand among consumers for buying
property.

Mitsubishi UFJ Financial Group's main banking unit
yesterday raised its rates on mortgage loans, according to its
Web site. The bank added 0.25 percentage point to rates applied
to new loans with fixed-rate terms of five to 20 years.


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