Japanese Bankers Association

Seeking public comments on the review of JBA TIBOR tenors

The Japanese Bankers Association (Chairman: Takeshi Kunibe, President & CEO, Sumitomo Mitsui Banking Corporation) ("JBA") published on July 5, 2013 the outline of an interim report on initiatives to maintain and enhance the credibility and transparency of the JBA TIBOR (Tokyo Interbank Offered Rate). In the context of subsequent discussions, we have reviewed the JBA TIBOR tenors and summarized our new proposed tenors in the Appendix.
This letter is to announce that the JBA will welcome comments on this proposal from TIBOR users and other stakeholders as discussed below.
Please submit your comments no later than Friday, November 8, 2013.

1. Background

To facilitate and stimulate Japan's money market, the JBA has been publishing (a) the "Japanese Yen TIBOR" that reflects prevailing rates in the Japan unsecured call market and (b) the "Euroyen TIBOR" that reflects prevailing rates in the Japan offshore market, for 13 maturities (i.e. 1 week and 1-12 months, each of which is hereinafter referred to as a "tenor") as of 11:00 a.m. each business day.
In light of developments internationally on measures to enhance the credibility and transparency of financial benchmarks, including those by the International Organization of Securities Commissions (IOSCO), in April 2013, the JBA established the Working Committee on TIBOR which has since been discussing how to maintain and enhance the credibility and transparency of TIBOR. As mentioned in the outline of the interim report on the JBA's initiatives published on July 5, we are considering reviewing the number of tenors by reference to the developments of other international initiatives to reform financial benchmarks.
The JBA has summarized its proposed revised tenors in the Appendix and seeks to invite a wide range of comments from TIBOR users and other stakeholders.
We welcome comments on the proposed revised tenors and the timing of implementation as well as on matters to be considered in implementing such revised tenors. Taking into account the comments submitted and other factors, the JBA will further discuss which tenor(s) and when such tenor(s) should be removed.

2. Submitting comments

(1) Comment period:

From Friday, October 18 to no later than Friday, November 8, 2013.

(2) How to submit:

【Submit to】

  • Via mail: 1-31-1 Marunouchi, Chiyoda, Tokyo 100-8216, Japan
    To Business Development Dept. of the Japanese Bankers Association
  • Via e-mail: tiborconsultation@zenginkyo.or.jp

The title of your comment shall be "Comment on proposal for revised JBA TIBOR tenors," and provide the following information.

  • Name (Name of entity)
  • Contact (Phone number, e-mail address)
  • Name of corporation or association (only if you are a member of a corporation or association)
  • Comment and its grounds

Personal information (e.g. name and contact) provided along with your comment will be used only when we need to contact you to confirm unclear matters in your comment, if any. For details on our policy regarding the treatment of personal information, please see our privacy policy.

  • For any inquiries regarding this matter, please contact:
    Business Development Dept., JBA (Phone No.: 03-5252-3763)


Proposal for Revised JBA TIBOR Tenors

1. Revision of tenors

  • The number of tenors shall be reduced from 13 to 6 for both Japanese Yen TIBOR and Euroyen TIBOR.
  • The revised tenors shall consist of 1 week, 1 month, 2 months, 3 months, 6 months and 12 months.

2. Timing of implementing revised tenors

  • The revised tenors shall be effective from the quoted rates of January 5, 2015.
TenorsCurrent tenorsProposed revised tenors
[From Jan. 5, 2015]
1 week
1 month
2 months
3 months
4 months×
5 months×
6 months
7 months×
8 months×
9 months×
10 months×
11 months×
12 months