About JBA TIBOR
(1) About JBA TIBOR
The JBA TIBOR (*1) has been calculated and published (*2) by the Japanese Bankers Association (JBA) for "Japanese Yen TIBOR" rates since November 1995 and "Euroyen TIBOR" rates since March 1998. The "Japanese Yen TIBOR" rates reflect prevailing rates on the unsecured call market; the "Euroyen TIBOR" rates, the Japan offshore market. Publication of these rates contributes to the development and vitalization of Japan's short-term financial markets. However, with the establishment of the Ippan Shadan Hojin JBA TIBOR Administration ("JBATA") on April 1, 2014, the JBATA has undertaken the calculation and publication of the JBA TIBOR from the same day.(*3)
The JBA TIBOR is calculated by JBATA as a prevailing market rate based on quotes for 5 different maturities (1 week, 1month, 3month, 6month, 12 months) (*4) provided by reference banks as of 11:00 a.m. each business day.
JBATA excludes the top two and the bottom two reference rates for each maturity and takes the average of the remaining rates. These averages are published as the TIBOR rates (5 rates each for Japanese yen and Euroyen) through information providers that are contracted by the JBATA.
JBA TIBOR is calculated and determined through the objective processes that removes any arbitrarily manipulated rates as much as practicable by introducing the "waterfall thodology" as part of the JBA TIBOR Reform implemented in 2017.
Please refer the "Current status and outlook of JBA TIBOR" below for the history of JBA TIBOR reform, the current calculation and determination processes and challenges for JBA TIBOR to further enhance its transparency, robustness and reliability.
(2) Terms and conditions for using JBA TIBOR
Please refer to "Terms and conditions for using JBA TIBOR" when using the JBA TIBOR.
- ○Terms and conditions for using JBA TIBOR
- ○List of Reference Banks
- ○Information Providers
- ○Outsourced Operations
- ※1 TIBOR stands for "Tokyo InterBank Offered Rate".
- ※2 The publication of Japanese Yen TIBOR and Euroyen TIBOR rates for a one-week tenor, has commenced from July 2000.
- ※3 Despite the fact that the publication body has changed from JBA to JBATA, the definition of JBA TIBOR and its calculation methodology is not changed. Therefore, the JBA TIBOR published by the JBATA can be used as the same as the JBA TIBOR published by the JBA regardless before and after this change(Please also see the Q&A).
- ※4 The publication of TIBOR for seven tenors (i.e. 4 months, 5 months, 7 months, 8 months, 9 months, 10 months and 11 months) was discontinued on April 1, 2015. In addition, the publication of TIBOR 2 months tenor was discontinued on April 1, 2019.
Unsecured call market
The call market allows private financial institutions to adjust their short-term funding surpluses and shortfalls. There are two kinds of call transaction: secured and unsecured.
Japan offshore market
The Japan offshore market is a relatively unregulated market established in December 1986 to further liberalize and internationalize Japanese financial markets.
Yen traded on the offshore market is generally referred as "Euroyen."