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Interest Rate Benchmark Reform (Preparedness for the Discontinuation of LIBOR)

日本語

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 Forum on Interest Rate Benchmarks

The Cross-Industry Forum on Interest Rate Benchmarks was established in March 2022 following the reorganization of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks. The Forum provides opportunities to exchange opinions for a wide range of market participants and interest rate benchmark users, aiming to facilitate smooth transactions referencing Japanese yen interest rate benchmarks in the Japanese markets.

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 has conducted necessary deliberations with the aims to appropriately choose and use Japanese yen interest rate benchmarks, such as developing recommendations for the stocktaking of ideas on the appropriate choice and usage of Japanese yen 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 has been ceased at the end of 2021, except for certain U.S. dollar LIBOR settings.

The Bank's Initiatives regarding Interest Rate Benchmark Reform

Speeches and Statements

Table : Speeches and Statements
Date Speaker Title
June  8, 2021 AMAMIYA Masayoshi, Deputy Governor "LIBOR Transition in the Final Stage: There will be No Deus ex Machina" (Speech at the NIKKEI Financial Online Seminar Held by Nikkei) 
Jan. 30, 2020 AMAMIYA Masayoshi, Deputy Governor "Interest Rate Benchmark Reform in Japan" (Speech at the Kin'yu Konwa Kai (Financial Discussion Meeting) Hosted by the Jiji Press) 
Oct. 10, 2019 Masayoshi Amamiya, Deputy Governor "Development of Asia's Capital Markets: Roles and Challenges" (Keynote Speech at the ASIFMA Annual Conference 2019) 

Joint Survey on the Use of LIBOR

The Bank, together with the JFSA, conducted a joint survey of financial institutions, including banks, securities companies, and insurance companies, regarding their use of LIBOR. The main aim of this survey is to ascertain their quantitative LIBOR exposures in preparation for the permanent cessation of LIBOR.

table: Joint Survey on the Use of LIBOR
DateTitle
Sept. 29, 2023 Summary of Results of the Fifth Survey on the Use of LIBOR 
Mar. 24, 2023 Summary of Results of the Fourth Survey on the Use of LIBOR 
Mar. 31, 2022 Summary of Results of the Third Survey on the Use of LIBOR 
May  28, 2021 Summary of Results of the Second Survey on the Use of LIBOR 
Mar. 13, 2020 Summary of Survey Results on the Use of LIBOR and Main Actions Needed [PDF 185KB]

Brief Survey on the Use of JPY LIBOR

The Bank, together with the JFSA, conducted a brief survey on the use of JPY LIBOR. This is a brief survey conducted on a smaller number of financial institutions focusing on fewer survey items than the previous surveys on the use of LIBOR, in order to swiftly grasp the number of financial products and transactions referencing JPY LIBOR, as well as the progress with the transition away from JPY LIBOR as of end-September 2021. Through this survey, it is expected that preparations for the smooth transition are promoted further at each financial institution.

table: Brief Survey on the Use of JPY LIBOR
DateTitle
Nov.  1, 2021 Summary of Results of the Brief Survey on the Use of JPY LIBOR 

Other Releases

table: Other Releases
DateTitle
Apr. 21, 2023 Financial System Report (April 2023) 
Oct. 21, 2022 Financial System Report (October 2022) 
May  30, 2022 Review of JPY LIBOR Transition and Future Initiatives 
Apr. 21, 2022 Financial System Report (April 2022) 
Dec.  2, 2021 LIBOR Transition based on the Final Report on the Results of the Public Consultation on the Treatment of Tough Legacy Contracts in Japan published by the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks 
Oct. 21, 2021 Financial System Report (October 2021) 
Apr. 20, 2021 Financial System Report (April 2021) 
Mar.  8, 2021 Response to the announcement on the end date of LIBOR panel publication and the announcement on the intention to consult on the publication of synthetic yen LIBOR 
Oct. 22, 2020 Financial System Report (October 2020) 
Aug. 11, 2020 Financial Institutions' Preparedness for LIBOR Cessation and Future Actions with a Focus on the Results of the Joint Survey by the Financial Services Agency and the Bank of Japan 
June  1, 2020 Letters to the CEOs of Major Financial Institutions regarding LIBOR Transition 
Mar. 19, 2020 On-Site Examination Policy for Fiscal 2020 [PDF 653KB]
Apr. 17, 2019 Financial System Report (April 2019) 
Financial System Report (April 2023)
: pp. 66-67
Financial System Report (October 2022)
: pp. 59
Financial System Report (April 2022)
: pp. 67-69
Financial System Report (October 2021)
: pp. 59-60
Financial System Report (April 2021)
: pp. 62
Financial System Report (October 2020)
: pp. 68-69
Financial System Report (April 2019)
: pp. 90-91

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