TOKYO - Japan's banking industry will lower interbank transfer fees which have not been changed for more than 40 years, two sources familiar with the matter said, eventually leading to cuts in remittance fees for businesses and retail customers. The interbank transfer fees, which are currently set at 117 yen for transferring less than 30,000 yen ($280.64) and 162 yen for more than 30,000 yen, will be cut down to 62 yen, said the sources, adding the plan is likely to be implemented in October. The sources declined to be identified as the information is not public. The move, which was earlier reported by public broadcaster NHK, comes as Japan aims to promote innovation in financial services by removing barriers to new entrants, and Japan's anti-trust watchdog last year urged banks to reconsider the fees which are far higher than costs. Japanese Bankers Association could not be immediately reached for comment. ($1 = 106.9000 yen) REUTERS
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