Publication of the “Statement on the end of Euroyen TIBOR (Publication of the Results of Public Consultation on permanent cessation of Euroyen TIBOR and related issues)” by JBA TIBOR Administration

On March 6, 2024, JBA TIBOR Administration (“JBATA”), which is a “Specified Financial Benchmark Administrator”, published the “Statement on the end of Euroyen TIBOR (Publication of the Results of Public Consultation on permanent cessation of Euroyen TIBOR and related issues)”. For further details, please refer to the following:

Statement on the end of Euroyen TIBOR (Publication of the Results of Public Consultation on permanent cessation of Euroyen TIBOR and related issues)(JBA TIBOR Administration) - March 6, 2024

JBATA has decided on the permanent cessation of all tenors (i.e. 1-week, 1-month, 3-month, 6-month, and 12-month) of Euroyen TIBOR at the end of December 2024.

The Financial Services Agency (FSA) expects market participants to take timely and appropriate actions for transitioning away from Euroyen TIBOR aiming towards orderly cessation of its publication, given the recent JBATA’s decision and the FSA’s initiatives to date (*1, 2). The FSA will also encourage financial institutions to take appropriate actions as needed, considering the situation of transition away from contracts referencing Euroyen TIBOR and of negotiations with customers by them.

*1 In March 2023, based on the “Publication of Results of Public Consultation on Fallback Issues for JBA TIBOR” by JBATA, the FSA released the announcement that it expects the introduction of fallback provisions into contracts referencing Euroyen TIBOR to be advanced. (Publication of Results of Public Consultation on Fallback Issues for JBA TIBOR by JBA TIBOR Administration)

*2 In December 2023, the FSA released the announcement that it suggests that market participants cease entering into new contracts for products referencing Euroyen TIBOR by the end of June 2024 at the latest. (Suggestion on the timing to cease entering into new contracts for products referencing Euroyen TIBOR in response to the publication of the Comments on the “timing to cease entering into new contracts” for products referencing Euroyen TIBOR by JBA TIBOR Administration)

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