Press Conference by Taro Aso, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services

(Excerpt)

(Friday, September 6, 2019,  10:56 am to 11:04 am)

[Questions and answers:]

Q.

Financial institution earnings are deteriorating due to the negative interest rate, and some institutions are considering handling fees for bank accounts. What kind of impact would a bank account handling fee have on the financial market and the economy?

A.

Regardless of a negative interest rate, it is important to be sensitive to the fee taken for safe and reliable handling of the money that has been entrusted to an institution. This was previously pointed out by a representative of a Swiss bank, before Japan adopted a negative interest rate. We heard this when I was serving as the Minister of Foreign Affairs or in another position, that some countries hold true the idea that a fee is required to hold a depositor’s money. In any case, interest rates will not rise suddenly under the present circumstances, so various banks are trying new approaches, but I don’t think there is much concern about this issue.