From November 2002 to March 2004, the Japan unit of U.S. lender Citibank promoted an Australian dollar time deposit, boasting that ¥10 million in a one-year term deposit would yield ¥352,400.

But the FTC pointed out that after subtracting currency exchange fees, the net gain would have been cut to about ¥120,000.

Shinsei similarly touted a New Zealand dollar time deposit from May 2003 to January 2004, saying a ¥10 million investment would yield ¥389,000 after a year, but the commission said fees would have slashed the net result to ¥100,000.

The Japan Times Weekly: June 5, 2004
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