Announcement on the Revision to the Number of Decimal Places for Submission Rates

September 25, 2025

General Incorporated Association JBA TIBOR Administration

　JBA TIBOR Administration ("JBATA") (the Chairperson: Satoshi INOUE) is pleased to announce that the number of decimal places in the rate provided by reference banks to JBATA ("submission rates") will be revised across all tenors (i.e., 1 week, 1 month, 3 months, 6 months and 12 months) of Japanese Yen TIBOR.

１．Details of the revision

　The number of decimal places for submission rates will be revised as follows:


Current Revised
Second decimal place
(increments of 1/100% (1 basis point))		 Third decimal place
(increments of 1/1,000% (0.1 basis point))


２．Reasons for the revision

　This revision will be implemented in conjunction with the scheduled renewal of the calculation agent system in March 2026, taking into account the following market conditions:

  • ・In past public consultation, JBATA received feedback suggesting that submission rates be rounded to the third decimal place[1].

  • ・Based on data collected from reference banks, JBATA has observed that a large proportion of transactions in the unsecured call market, which is the underlying market for Japanese Yen TIBOR, are conducted to the third decimal place.

３．Impacts of the revision

　The key impacts of this revision, as recognized by JBATA, are as follows:

  • ・The revision applies solely to the number of decimal places used for submission rates provided by reference banks to JBATA. It does not entail any changes to the number of decimal places[2] used for official rates calculated and published by JBATA. Therefore, it is not expected to directly affect financial contracts referencing Japanese Yen TIBOR.

  • ・As fluctuations in submission rates are expected to be captured with greater precision, movements in official rates may become more granular. However, this revision is not anticipated to have a significant impact on official rates.

４．Implementation Date

　The revision will take effect on March 23, 2026[3].

  • ・The renewed calculation agent system is scheduled to go live on the same date. Should there be any delay in the system renewal, the implementation date of this revision may be adjusted accordingly. In such a case, further details will be announced separately.


[Inquiries] General Incorporated Association JBA TIBOR Administration
Email：contact＠jbatibor.or.jp


[1] For details, please refer to the opinions submitted in response to the "Publication of 'Revision to the JBA TIBOR Code of Conduct', etc. for Implementing the JBA Tokyo Inter Bank Offered Rate ("JBA TIBOR") Reforms (3rd Consultative Document)" dated February 24, 2017. (This request was designated as "an issue for future consideration".)
[2] The official rate is rounded to the fifth decimal place. (Article 4 of the JBA TIBOR Operational Rules)
[3] In implementing the revision, JBATA will amend the JBA TIBOR Operational Rules and related documents.

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