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Home > Payments and Markets > Money Market > Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks > (Benchmark Reform) Statement regarding Calculation and Publication of Prototype Rates for Term Reference Rates
May 26, 2020
Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks
In February 2020, the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks (hereinafter the Committee), determined that QUICK Corp. was suitable as a calculating and publishing entity of prototype rates (which are not presumed to be used in actual transactions) for Term Reference Rates (term structures based on Japanese yen [JPY] overnight index swap), which received the most support as alternative rates for JPY LIBOR cash market products in the public consultation.
QUICK Corp. began publishing prototype rates today. The rates are available on the website of QUICK Corp. (link to an external website), as well as on the Interest Rate Benchmark Reform (Preparedness for the Discontinuation of LIBOR) page of the Bank of Japan's website.
The Committee expects that the publication of prototype rates will encourage market participants and end users to push further ahead with their preparations for the discontinuation of LIBOR.