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Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks

The Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks was established in August 2018 to conduct necessary deliberations with aims to facilitate market participants and interest rate benchmark users to appropriately choose and use Japanese yen interest rate benchmarks.

Terms of Reference and List of the Participants

Table : Terms of Reference and List of the Participants
Date Title
Apr. 24, 2019 List of the Participants [PDF 177KB]
Aug.  1, 2018 Terms of Reference [PDF 48KB]

Releases

Table : Releases
Date Title
Jun.  5, 2019 Agenda for the Seventh Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on June 5, 2019 [PDF 78KB]
Jun.  5, 2019 Item I: Committee's Future Administration Policy [PDF 127KB]
Jun.  5, 2019 Item II: Proposed Actions for the Publication of Term Reference Rates (Swap) [PDF 134KB]
Jun.  5, 2019 Item III: The Committee's Commitment to External Communication [PDF 146KB]
May  22, 2019 Minutes for the Sixth Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Apr. 24, 2019 [PDF 183KB]
Apr. 24, 2019 Agenda for the Sixth Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Apr. 24, 2019 [PDF 23KB]
Apr. 24, 2019 Item I: Proposed requirements for option (2) O/N RFR Compounding (Fixing in Arrears) and option (3) Term Reference Rates (Swap) [PDF 703KB]
Apr. 24, 2019 Item II: Comparison of requirements for option (3) Term Reference Rates (Swap) with IOSCO Principles for Financial Benchmarks (Overview) [PDF 392KB]
Apr. 24, 2019 Item III: Reports from the Sub-Group on Loans [PDF 338KB]
Apr. 24, 2019 Item IV: Reports from the Sub-Group on Bonds [PDF 152KB]
Apr. 24, 2019 Item V: Handling of Accounting Issues by the Accounting Standards Board of Japan [PDF 206KB]
Apr. 24, 2019 Item VI: Main Points of the Draft of the Public Consultation on Appropriate Choice and Usage of JPY Interest Rate Benchmarks [PDF 524KB]
Apr. 24, 2019 Item VII: The Committee's Commitment to External Communication [PDF 145KB]
Feb.  8, 2019 Minutes for the Fifth Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Jan. 18, 2019 [PDF 182KB]
Jan. 18, 2019 Agenda for the Fifth Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Jan. 18, 2019 [PDF 22KB]
Jan. 18, 2019 Item I: Reports from the Sub-Group for the Development of Term Reference Rates [PDF 238KB]
Jan. 18, 2019 Item II: Reports from the Sub-Group on Loans [PDF 111KB]
Jan. 18, 2019 Item III: Reports from the Sub-Group on Bonds [PDF 108KB]
Jan. 18, 2019 Item IV: Outreach to the Accounting Standards Board of Japan [PDF 103KB]
Jan. 18, 2019 Item V: Direction of Way Forward - Toward Public Consultation [PDF 180KB]
Jan. 18, 2019 Item VI: The Committee's Commitment to External Communication [PDF 148KB]
Nov. 28, 2018 Minutes for the Fourth Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Nov. 8, 2018 [PDF 120KB]
Nov. 16, 2018 Minutes for the Third Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Oct. 24, 2018 [PDF 184KB]
Nov. 16, 2018 List of the Participants of Working Group on Currency Swaps [PDF 170KB]
Nov.  8, 2018 Agenda for the Fourth Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Nov. 8, 2018 [PDF 35KB]
Nov.  8, 2018 "Working Group on Currency Swaps" Terms of Reference [PDF 43KB]
Oct. 24, 2018 Agenda for the Third Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Oct. 24, 2018 [PDF 23KB]
Oct. 24, 2018 Item I: Classification Related to Term Reference Rates [PDF 112KB]
Oct. 24, 2018 Item II: Possible Options and Evaluations of Reference Rates for Loans [PDF 42KB]
Oct. 24, 2018 Item III: Possible Options and Evaluations of Reference Rates for Bonds [PDF 42KB]
Oct. 24, 2018 Item IV: Issues with regard to Possible Options for Term Reference Rates [PDF 245KB]
Oct. 24, 2018 Item V: Direction of Way Forward [PDF 44KB]
Oct. 24, 2018 Item VI: The Committee's Commitment to External Communication [PDF 135KB]
Oct. 17, 2018 Minutes for the Second Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Sep. 26, 2018 [PDF 56KB]
Sep. 26, 2018 Agenda for the Second Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Sep. 26, 2018 [PDF 24KB]
Aug. 23, 2018 Minutes for the First Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Aug. 1, 2018 [PDF 159KB]
Aug.  1, 2018 Agenda for the First Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on Aug. 1, 2018 [PDF 23KB]
Aug.  1, 2018 Item 1: Use of Interest Rate Benchmarks [PDF 200KB]
Aug.  1, 2018 Item 2: Developments regarding Interest Rate Benchmarks across Jurisdictions (five LIBOR currencies) [PDF 221KB]
Aug.  1, 2018 Item 3: Proposed Framework for the Deliberating Body [PDF 245KB]
Aug.  1, 2018 Item 4: Proposed Roadmap for Interest Rate Benchmark Reform [PDF 209KB]
Jul. 20, 2018 Establishment of the "Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks" [PDF 54KB]

Sub-Groups

Sub-Groups were established by the decision of the Committee under the Committee to conduct necessary deliberations by products or by themes drawing on the views of practitioners or experts.

Sub-Group on Loans

Table : Sub-Group on Loans
Date Title
Oct. 17, 2018 List of the Participants of Sub-Group on Loans [PDF 173KB]
Aug.  1, 2018 Terms of Reference [PDF 41KB]

Sub-Group on Bonds

Table : Sub-Group on Bonds
Date Title
Oct. 17, 2018 List of the Participants of Sub-Group on Bonds [PDF 173KB]
Aug.  1, 2018 Terms of Reference [PDF 41KB]

Sub-Group for the Development of Term Reference Rates

Table : Sub-Group for the Development of Term Reference Rates
Date Title
Apr. 24, 2019 List of the Participants of Sub-Group for the Development of Term Reference Rates [PDF 177KB]
Aug.  1, 2018 Terms of Reference [PDF 42KB]

Study Group on Risk-Free Reference Rates

The Study Group on Risk-Free Reference Rates has conducted necessary deliberations on the identification of a Japanese yen nearly risk-free benchmark rate and usage of the rate since April 2015.