On March 15, 2023, JBA TIBOR Administration ("JBATA"), which is "Specified Financial Benchmark Administrator", released the Results of Public Consultation on Fallback Issues for JBA TIBOR (consultation period: August 1 - September 30, 2022).
For further details, please refer to the following:

- March 15, 2023
JBATA continues to enhance the transparency, robustness, and reliability of JBA TIBOR (Euroyen TIBOR and Japanese Yen TIBOR), and as a part of these efforts, the fallback issues for JBA TIBOR (triggers and replacement rates) are summarized in the Results of the Public Consultation. Further, JBATA provides the views on the introduction of fallback provisions in contracts referencing JBA TIBOR as below, based on each benchmark’s situation and the comments received for the Public Consultation.
Given that the permanent cessation at the end of December 2024 is under consideration for Euroyen TIBOR, its users should promptly consider, as an option, the introduction of fallback provisions for Euroyen TIBOR contracts that will mature after the end of December 2024.
(2) Introduction of fallback provisions in contracts referencing Japanese Yen TIBOR
While the permanent cessation of Japanese Yen TIBOR has not been discussed, its users should consider the introduction of fallback provisions for those contracts referencing Japanese Yen TIBOR from the perspective of enhancing the stability and robustness of contracts.
However, given some feedback which raised a concern about operational burdens for incorporation of fallback provisions into a large amount outstanding and number of contracts referencing Japanese Yen TIBOR, we also consider that its users take a practicable approach such as starting first from “new” Japanese Yen TIBOR contracts.
In the context of enhancing the robustness and reliability of Yen interest rate benchmark, the Financial Services Agency expects the introduction of fallback provisions into contracts referencing JBA TIBOR to be advanced based on the Results of the Public Consultation and will support these efforts as needed.