Publication of "[1st Consultative Document] Approach for Integrating Japanese Yen TIBOR and Euroyen TIBOR"

October 2, 2018

General Incorporated Association JBA TIBOR Administration

In consideration of "Reforming Major Interest Rate Benchmarks" published by the Financial Stability Board ("FSB") in July 2014 and other things, we, General Incorporated Association JBA TIBOR Administration ("JBATA") (the chairman: Akihiro Wani), implemented the JBA TIBOR reforms in July 2017 primarily to integrate and clarify the calculation and determination processes of reference bank's reference rates, after a series of public consultations seeking user's views and discussions aiming to realize the reforms.

After the implementation of the JBA TIBOR reforms, there have been developments in international financial benchmark initiatives, such as the identification of each currency's risk-free rate. In light of these developments and other factors, we have decided to start discussing the issue of "integrating Japanese Yen TIBOR and Euroyen TIBOR" ,as attached, that was regarded as a medium and long-term issue as a result of the past three JBA TIBOR reform public consultations and thereby embark on a further reform.

We will consider comments submitted for this Consultative Document and will develop proposed reforms including integration of Japanese Yen TIBOR and Euroyen TIBOR during the first half of 2019 and conduct the second consultation. Then, we will determine and publish the specifics and timing, etc. of the further reforms by the end of 2019.

We would like to ask for your cooperation towards our efforts to further enhance the robustness of the JBA TIBOR as a Japanese yen financial benchmark by implementing further reforms.

Any comments on this Consultative Document, etc. are to be submitted in accordance with the following instructions by no later than Friday, December 14, 2018.

[How to submit your comments]

(1) Consultation period

From Tuesday October 2, 2018 to Friday December 14, 2018

(Comments should arrive at JBATA no later than December 14, 2018)

(2) Submission

Comments would be submitted:

by post to

Operation Department,

General Incorporated Association JBA TIBOR Administration

(Address: Asahi Seimei Otemachi building, 6-1, Otemachi 2-chome, Chiyoda-ku, Tokyo 100-0004, JAPAN); or

by e-mail to

contact@jbatibor.or.jp.

[Notes]

Your comment would be titled "Comment on [1st Consultative Document] Approach for Integrating Japanese Yen TIBOR and Euroyen TIBOR" and would include the following information:

Name;

Contact information (Phone number, e-mail address);

Name of the legal entity or organization (if you are a member of any); and

Your comments and reasons for your opinions.

Personal information (e.g. name and contact information) included in the comment will be used when JBATA needs to contact you to inquire about unclear matters in comments. For further detail regarding the treatment of personal information, see our Privacy Policy.

[Contact information for any inquiry regarding the consultative document]

Operation Department,

General Incorporated Association JBA TIBOR Administration

Phone: +81 (0)3-6262-6788

"[1st Consultative Document] Approach for Integrating Japanese Yen TIBOR and Euroyen TIBOR"

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