Summary of Results of the Fifth Survey on the Use of LIBOR

Summary:

The Financial Services Agency (FSA) of Japan, in collaboration with the Bank of Japan (BOJ), conducted the fifth survey on the usage of London Interbank Offered Rate (LIBOR) among financial institutions, including banks, securities companies, and insurance companies. The survey found that the transition away from LIBOR is almost complete, with some exceptions. Due to ongoing contracts referencing synthetic USD LIBOR, which will cease publication at the end of September 2024, the agencies will continue to monitor and require financial institutions to take necessary actions. The survey results are based on end-June 2023 data.