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June 2, 2022
Financial Services Agency

Bank of Japan Review
Review of JPY LIBOR Transition and Future Initiatives

 The Bank of Japan (BOJ) has published a paper on JPY LIBOR transition and future initiatives.

  PDFBank of Japan Review: Review of JPY LIBOR Transition and Future Initiatives
  (Bank of Japan, Financial Services Agency)- May 31, 2022

 The publication of JPY LIBOR ceased at the end of December 2021. In Japan, practical deliberations on the transition from JPY LIBOR have been carried out mainly by "Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks" established in August 2018, and on this basis, a wide range of market participants have been working on the transition. During this period, the Financial Services Agency (FSA) and the Bank of Japan have supported market participants' efforts through surveys and monitoring of the use of JPY LIBOR by financial institutions and their progress in the transition.

 This paper first briefly reviews the events leading up to the cessation of LIBOR publication, and then focuses on responses to the transition away from JPY LIBOR in the Japanese financial markets, summarizing the initiatives to achieve a smooth transition and explaining points to note and medium- to long-term efforts to be made.


Risk Analysis Division, Strategy Development and Management Bureau     Banking Business Division Ⅰ , Supervision Bureau

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