Payments and Markets

Home > Payments and Markets > Money Market > Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks

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]

Public Consultation Materials

Table : Public Consultation Materials
Date Title
Jul. 2, 2019 Main Points of the Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks [PDF 568KB]
Jul. 2, 2019 Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks [PDF 699KB]
Jul. 2, 2019 Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks (Appendix) [PDF 421KB]
Jul. 2, 2019 Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks (Appendix 5-a, Issues Subject to Public Comments) [PDF 170KB]
Jul. 2, 2019 Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks (Appendix 5-b, Answer Format) [DOCX 24KB]

Other Releases

Table :Other Releases
Date Title
Aug. 30, 2019 Interest Rate Benchmark Reform Forum "Main Points of the Public Consultation and Overview of Deliberations on Interest Rate Benchmark Reform in Japan and Abroad"
Aug. 28, 2019 Establishment of the "Task Force on Term Reference Rates" and Holding of the First Meeting [PDF 155KB]
Jul. 30, 2019 Establishment of the "Task Force on Term Reference Rates" [PDF 161KB]
Jul. 20, 2018 Establishment of the "Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks" [PDF 54KB]

Meeting Materials

Table : Meeting Materials
Date of the Meeting Date of Release
Agenda Items Minutes
Jun. 28, 2019
(Eighth Meeting)
Jun. 28, 2019 [PDF 33KB] - Jul. 18, 2019 [PDF 59KB]
Jun. 5, 2019
(Seventh Meeting)
Jun. 5, 2019 [PDF 78KB] Jun. 5, 2019 [ZIP 389KB] Jun. 28, 2019 [PDF 176KB]
Apr. 24, 2019
(Sixth Meeting)
Apr. 24, 2019 [PDF 23KB] Apr. 24, 2019 [ZIP 2,392KB] May 22, 2019 [PDF 183KB]
Jan. 18, 2019
(Fifth Meeting)
Jan. 18, 2019 [PDF 22KB] Jan. 18, 2019 [ZIP 850KB] Feb. 8, 2019 [PDF 182KB]
Nov. 8, 2018
(Forth Meeting)
Nov. 8, 2018 [PDF 35KB] - Nov. 28, 2018 [PDF 120KB]
Oct. 24, 2018
(Third Meeting)
Oct. 24, 2018 [PDF 23 KB] Oct. 24, 2018 [ZIP 586KB] Nov. 16, 2018 [PDF 184KB]
Sep. 26, 2018
(Second Meeting)
Sep. 26, 2018 [PDF 24 KB] - Oct. 17, 2018 [PDF 56KB]
Aug. 1, 2018
(First Meeting)
Aug. 1, 2018 [PDF 23 KB] Aug. 1, 2018 [ZIP 831KB] Aug. 23, 2018 [PDF 159KB]

Task Force on Term Reference Rates

The Task Force on Term Reference Rates was established in cooperation with the Committee to provide practical support to the calculating and publishing entities of term structures based on the risk-free reference rate (Term Reference Rates).

Table : Task Force on Term Reference Rates
Date Title
Sep. 25, 2019 List of the Members of Task Force on Term Reference Rates [PDF 170KB]
Sep. 25, 2019 Terms of Reference [PDF 119KB]

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]

Working Group on Currency Swaps

Table : Sub-Group for the Development of Term Reference Rates
Date Title
Nov. 16, 2018 List of the Participants of Working Group on Currency Swaps [PDF 170KB]
Nov.  8, 2018 Terms of Reference [PDF 43KB]

Deliberating Body by Currency

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.