(Tentative translation)
Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks
Minutes for the December 25, 2020 Meeting
(by written resolution)
The Sub-Group on Loans reported that it had continued to discuss mainly the "Lookback without Observation Shift" approach1 for TONA (Fixing in Arrears) conventions for use in loans and that it had consulted with its members.
On this basis, the sub-group requested the Committee to publish the results of the consultation in the sub-group, with a view to contributing to market participants developing systems and operations for TONA (Fixing in Arrears) in loans, and the members of the Committee accepted this request.2
- The methodology is one in which the Reference Period of the interest rate starts and ends several business days prior to the Calculation Period, and the number of days used to calculate the interest rate is the same as that in the Calculation Period.
- https://www.boj.or.jp/en/paym/market/jpy_cmte/cmt201225c.pdf
Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks
Attendance for the December 25, 2020 Meeting
(Members) | ||||
Chair | MUFG Bank | GODA Kenichiro | ||
Vice Chair | Nomura Securities | NONOMURA Shigeru | ||
Mizuho Bank | KOBAYAKAWA Motomu | |||
Sumitomo Mitsui Banking Corporation | ORIHARA Takashi | |||
Bank of Yokohama | ARAI Tomoki | |||
North Pacific Bank | TAKAHASHI Kazuhiro | |||
Deutsche Bank | MORITA Shigeki | |||
Daiwa Securities | INADA Yuichiro | |||
Goldman Sachs | TAGUCHI Kengo | |||
Morgan Stanley MUFG Securities | EZUKA Takeshi | |||
Japan Post Bank | ICHIKAWA Tatsuo | |||
The Norinchukin Bank | CHIBA Yuji | |||
Shinkin Central Bank | TANAKA Hiroyuki | |||
Nippon Life Insurance Company | OKAMOTO Shinichi | |||
Tokio Marine Holdings | NIKKAWA Shinya | |||
Daiwa Asset Management | KOMIYA Tsutomu | |||
Mitsubishi Corporation | OKAWARA Makoto | |||
Mitsui Fudosan | TOGASHI Retsu | |||
East Japan Railway Company | OONISHI Hidemaro | |||
Mitsubishi UFJ Lease & Finance | TOMINAGA Osamu | |||
Nippon Telegraph | and | Telephone | NAKAYAMA Kazuhiko | |
Corporation | ||||
(Observers) | ||||
JBA TIBOR Administration | KOYAMA Hirotaka | |||
International Swaps | and | Derivatives | MORITA Tomoko | |
Association | ||||
Financial Law Board | TOTSUKA Takaharu | |||
(Attorney-at-Law) |
Tokyo Financial Exchange | SEO Ryosuke |
Japan Securities Clearing Corporation | KANEKO Takahiko |
Japanese Bankers Association | TAKAHASHI Tetsuo |
Japan Securities Dealers Association | MATSUNAGA Hideaki |
Financial Services Agency | NOBUMORI Takehiro |
Bank of Japan | INAMURA Yasunari |
Bank of Japan | CHIBA Makoto |
Bank of Japan | YOSHIMURA Haruka |
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