Publication of the Comments on the "timing to cease entering into new contracts" for products referencing Euroyen TIBOR

December 22, 2023

General Incorporated Association JBA TIBOR Administration

On August 1, 2023, JBA TIBOR Administration ("JBATA") (the chairperson: Satoshi INOUE) published the "Public Consultation on permanent cessation of Euroyen TIBOR and related issues" ("Public Consultation")[1], and sought comments until September 30, 2023.

JBATA has compiled and hereby publishes the Comments to the Public Consultation regarding the timing (milestone) to cease entering into new contracts for cash products (loans and bonds) and interest rate swaps referencing Euroyen TIBOR[2](see Annex [3]).

The publication of this document is in response to the needs of market participants who requested us to ensure a sufficient period to prepare for the timing for cessation of entering into new contracts. In publishing this document, we have coordinated with related authorities.

Market participants are expected to prepare for the potential permanent cessation of Euroyen TIBOR at the end of December 2024 based on Annex and other information provided by related authorities.

JBATA plans to publish the results of the Public Consultation by March 31, 2024. Further, at the same time as its publication, we will also publish our official statement on whether to permanently cease Euroyen TIBOR and when to implement cessation of Euroyen TIBOR, if adopted.

Comments on the"timing to cease entering into new contracts"for products referencing Euroyen TIBOR

[Contact information for any inquiring regarding this document]
Office for TIBOR Reform, General Incorporated Association JBA TIBOR Administration
E-mail: contact@jbatibor.or.jp

[1] https://www.jbatibor.or.jp/english/news/tibor_16.html

[2] Consultation questions No. 4, No. 5 and part of No. 6

[3] The permanent cessation of Euroyen TIBOR has not been determined as of the publication date of this document. Therefore, the publication of this document should not be read as announcing that the Euroyen TIBOR has ceased, or will cease (at the end of December 24), to be provided permanently or indefinitely, including for the purposes of language adopted by ISDA.