Dealers applaud proposal to halt yen Libor swaps after Q3

BoJ working group timetable viewed as likely to boost liquidity in nascent Tonar market


Dealers have welcomed proposals by the industry committee overseeing Japan’s transition to risk-free rates that would prevent banks offering new yen Libor interest rate swaps by the third quarter this year.

A report published by a subgroup of the Bank of Japan-led Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks for its March 26 meeting proposed that the trading of new Japanese Libor interest rate swaps maturing after 2021 should cease no later than the end of September, except

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