Suggestion on the timing to cease entering into new contracts for products referencing Euroyen TIBOR in response to the publication of the Comments on the “timing to cease entering into new contracts” for products referencing Euroyen TIBOR by JBA TIBOR Administration

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Summary:

The Financial Services Agency (FSA) of Japan suggests that financial institutions cease entering into new contracts for products referencing Euroyen TIBOR by the end of June 2024 at the latest. This suggestion is made in response to the publication of comments by JBA TIBOR Administration (JBATA) on the timing to cease entering into new contracts for products referencing Euroyen TIBOR. JBATA expects market participants to prepare for the potential permanent cessation of Euroyen TIBOR at the end of December 2024. The FSA aims to support a smooth transition away from the benchmark, which is expected to be implemented if permanent cessation is determined.