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July 2, 2019
Financial Markets Department
Bank of Japan
The Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks, today, released a public consultation on interest rate benchmark reform "Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks" [PDF 699KB].
Since 2014, efforts have been made on interest rate benchmark reform based on the recommendation by the Financial Stability Board (FSB) to promote the usage of interest rate benchmarks in ways suited to the characteristics of financial instruments and financial transactions. However, since concerns about the sustainability of LIBOR beyond the end of 2021 have rapidly heightened, recent discussions have been centering on preparations for the discontinuation of LIBOR.
This public consultation document is intended to outline the outcome of past discussions in the Committee about interest rate benchmark reform, and then solicit comments from a wide range of relevant parties on the future structure of JPY interest rate benchmarks.
For details including related materials, please refer to the "Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks" page of the Bank of Japan's website.
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