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Release of the Transition of Quoting Conventions in the JPY interest rate swaps market ("TONA First")

July 26, 2021
Bank of Japan

The Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks released a statement on "TONA First," an initiative to recommend liquidity providers -- including cases in which trading takes place via interdealer brokers -- to change the quoting conventions from Japanese yen (JPY) LIBOR to TONA in the JPY interest rate swaps market on July 26, 2021.

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