The Bank of Japan, in coordination with relevant institutions including the Financial Services Agency (FSA), supports market-wide initiatives and financial institutions' efforts to prepare for the permanent discontinuation of LIBOR.

• Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks
• The Bank's Initiatives regarding Interest Rate Benchmark Reform
• Related Websites

Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks

The Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks, consisting of a wide range of parties including financial institutions, institutional investors, and non-financial corporates, was established to prepare for permanent cessation of LIBOR^* in August 2018. The Committee conducts necessary deliberations with the aims to appropriately choose and use Japanese yen (JPY) interest rate benchmarks, such as developing recommendations for the stocktaking of ideas on the appropriate choice and usage of JPY interest rate benchmarks, identifying specific challenges, proposing solutions, and developing transition plans. For details of the deliberations, please see the following link.

1. The panel-based LIBOR will cease at the end of 2021, except for certain US dollar LIBOR settings.

• Link to Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks
• For Reference: JPY Risk-Free Rate (Uncollateralized Overnight Call Rate (Tokyo Overnight Average rate: TONA)) (Link to Call Money Market Data (Updated every business day))
• For Reference: Term Reference Rates (Prototype Rates) (Link to QUICK's Website)
• For Reference: Publication of Term Reference Rates (Production Rates) from April 26 (Link to QUICK's Website)
• For Reference: Roadmap to Prepare for the Discontinuation of LIBOR (as at the end of November 2020) [PDF 136KB]

The Bank's Initiatives regarding Interest Rate Benchmark Reform

Speeches and Statements

Joint Survey on the Use of LIBOR

The Bank, together with the FSA, is conducting a joint survey of financial institutions, including banks, securities companies, and insurance companies, regarding their use of LIBOR. The aim of this survey is to ascertain their quantitative LIBOR exposures, the adoption of alternative benchmarks to LIBOR, and the status of establishing a framework for deliberations on alternative benchmarks. It is expected that this survey will encourage financial institutions to push ahead with preparations for the smooth transition.

Other Releases

Financial System Report (October 2020) : pp. 68-69
Financial System Report (April 2019) : pp. 90-91

Related Websites

• Link to "Financial Service Agency" website
• Link to "Japanese Bankers Association" website
• Link to "The Financial Stability Board" website