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Release of "Final Report on the Results of the Public Consultation on the Treatment of Tough Legacy Contracts in Japan" (the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks)

November 19, 2021
Financial Markets Department
Bank of Japan

The Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks (hereinafter the Committee) released "Final Report on the Results of the Public Consultation on the Treatment of Tough Legacy Contracts in Japan" [PDF 501KB] today.

The Committee published "Public Consultation on the Treatment of Tough Legacy Contracts in Japan" [PDF 523KB], where the Committee solicited opinions from a wide range of relevant parties in Japan and abroad from September 28 to October 19, 2021, with regard to the treatment of legacy contracts that cannot feasibly be transitioned away from JPY LIBOR (tough legacy contracts).

The purpose of this report is to present the results of the public consultation as well as the views of the Committee and is intended to be regarded as a standard in Japanese markets for the treatment of tough legacy contracts and the use of synthetic yen LIBOR.

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.

Inquiries

Market Infrastructure Division, Financial Markets Department

E-mail : post.fmd33@boj.or.jp