Publication of position paper on current status and outlook of JBA TIBOR(March 2021)

April 16,2021

General Incorporated Association JBA TIBOR Administration

JBA TIBOR Administration (Chairman Akihiro Wani) ("JBATA") is pleased to publish a position paper that summarizes JBATA's views on the current status and outlook of JBA TIBOR as a representative benchmark for Japanese interest rates .

By reading the position paper together with an explanatory document, your understanding of the following points could be improved;

• (1) JBA TIBOR has been calculated and published as a benchmark that was enhanced the transparency and reliability of calculation and determination processes through "JBA TIBOR Reform" implemented in 2017 ahead of other IBORs
• (2) JBATA will undertake efforts to maintain and further enhance the transparency, robustness and reliability of JBA TIBOR.

JBATA hopes that these documents will be widely acknowledged by stakeholders so that JBA TIBOR will continue to be used as a representative benchmark of Japanese interest rates.

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