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Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks

The Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks was established in August 2018 to conduct necessary deliberations with aims to facilitate market participants and interest rate benchmark users to appropriately choose and use Japanese yen interest rate benchmarks.

Terms of Reference and List of the Participants

Table : Terms of Reference and List of the Participants
Date Title
Apr.  3, 2020 List of the Participants [PDF 207KB]
Aug.  1, 2018 Terms of Reference [PDF 48KB]

Public Consultation Materials

Table : Public Consultation Materials
Date Title
Nov. 29, 2019 Main Points of the Final Report on the Results of the Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks [PDF 380KB]
Nov. 29, 2019 Final Report on the Results of the Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks [PDF 544KB]
Jul. 2, 2019 Main Points of the Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks [PDF 568KB]
Jul. 2, 2019 Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks [PDF 699KB]
Jul. 2, 2019 Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks (Appendix) [PDF 421KB]
Jul. 2, 2019 Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks (Appendix 5-a, Issues Subject to Public Comments) [PDF 170KB]
Jul. 2, 2019 Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks (Appendix 5-b, Answer Format) [DOCX 24KB]

Other Releases

Table :Other Releases
Date Title
May  26, 2020 Statement regarding Calculation and Publication of Prototype Rates for Term Reference Rates 
Feb. 26, 2020 Determination of the Calculating and Publishing Entities of Prototype Rates for Term Reference Rates [PDF 147KB]
Dec.  6, 2019 Closing of the Call for Application of Calculating and Publishing Entities of Prototype Rates for Term Reference Rates (Swap) [PDF 144KB]
Oct. 29, 2019 Solicitation of the Calculating and Publishing Entities of Prototype Rates for Term Reference Rates (Swap)  [PDF 161KB]
Aug. 30, 2019 Interest Rate Benchmark Reform Forum "Main Points of the Public Consultation and Overview of Deliberations on Interest Rate Benchmark Reform in Japan and Abroad" 
Aug. 28, 2019 Establishment of the "Task Force on Term Reference Rates" and Holding of the First Meeting [PDF 155KB]
Jul. 30, 2019 Establishment of the "Task Force on Term Reference Rates" [PDF 161KB]
Jul. 20, 2018 Establishment of the "Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks" [PDF 54KB]

Meeting Materials

Task Force on Term Reference Rates

The Task Force on Term Reference Rates was established in cooperation with the Committee to provide practical support to the calculating and publishing entities of term structures based on the risk-free reference rate (Term Reference Rates).

Table : Task Force on Term Reference Rates
Date Title
Sep. 25, 2019 List of the Members of Task Force on Term Reference Rates [PDF 170KB]
Sep. 25, 2019 Terms of Reference [PDF 119KB]

Sub-Groups

Sub-Groups were established by the decision of the Committee under the Committee to conduct necessary deliberations by products or by themes drawing on the views of practitioners or experts.

Sub-Group on Loans

Table : Sub-Group on Loans
Date Title
Apr.  3, 2020 List of the Participants of Sub-Group on Loans [PDF 205KB]
Aug.  1, 2018 Terms of Reference [PDF 41KB]

Sub-Group on Bonds

Table : Sub-Group on Bonds
Date Title
Jun. 25, 2020 List of the Participants of Sub-Group on Bonds [PDF 205KB]
Aug.  1, 2018 Terms of Reference [PDF 41KB]

Sub-Group for the Development of Term Reference Rates

Table : Sub-Group for the Development of Term Reference Rates
Date Title
May   8, 2020 List of the Participants of Sub-Group for the Development of Term Reference Rates [PDF 210KB]
Aug.  1, 2018 Terms of Reference [PDF 42KB]

Working Group on Currency Swaps

Table : Sub-Group for the Development of Term Reference Rates
Date Title
Nov. 16, 2018 List of the Participants of Working Group on Currency Swaps [PDF 170KB]
Nov.  8, 2018 Terms of Reference [PDF 43KB]

Links to Related Websites

National Working Groups and Related Associations, etc.

Study Group on Risk-Free Reference Rates

The Study Group on Risk-Free Reference Rates has conducted necessary deliberations on the identification of a Japanese yen nearly risk-free benchmark rate and usage of the rate since April 2015.