Result of a Periodic Review of the JBA TIBOR Operational Framework

March 31, 2025

General Incorporated Association JBA TIBOR Administration

　JBA TIBOR Administration ("JBATA") (the Chairperson: Satoshi INOUE) conducted a periodic review of the JBA TIBOR operational framework pursuant to the Article 48 of the JBA TIBOR Operational Rules. Since the publication of Euroyen TIBOR has permanently ceased at the end of December 2024, the financial benchmark JBATA currently calculates and publishes is only Japanese Yen TIBOR. Therefore, only Japanese Yen TIBOR is subject to periodic review in FY2024.

　As a result of the periodic review, JBATA has concluded that it is not necessary to change the Japanese Yen TIBOR operational framework based on its evaluation that structural changes of the JBA TIBOR's underlying markets have not been observed and the reasonableness of the basis for submission rate calculation by reference banks is considered to be appropriate.

　JBATA will be committed to maintaining compliance with the IOSCO Principles and enhancing the transparency, robustness and reliability of JBA TIBOR.

Result of a Periodic Review of the JBA TIBOR Operational Framework

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