Results of public consultation regarding "Promoting the JBA Tokyo Inter Bank Offered Rate ("JBA TIBOR") Reforms" (2nd Consultative Document)

July 29, 2016

Ippan Shadan Hojin JBA TIBOR Administration

　In response to the publication of "Reforming Major Interest Rate Benchmarks" by the Financial Stability Board ("FSB") in July 2014, we, Ippan Shadan Hojin JBA TIBOR Administration ("JBATA") (the chairman: Akihiro Wani), have been promoting the JBA TIBOR reforms.
　In August 2015, we issued the 2nd Consultative Document " Promoting the JBA Tokyo Inter Bank Offered Rate ("JBA TIBOR") Reforms (the "2nd public consultation") and conducted public consultation about the direction of our reforms and calculation method ( waterfall methodology ).
　Overview of comments from users and other stakeholders is as per the attached sheet　and we would like to take this opportunity to express our gratitude to your cooperation.
　We continue to consider JBA TIBOR reforms taking into account the comments and condition of inter-bank market in Japan.

Overview of comments from users and other stakeholders about 2nd public consultation