Bank of Japan : Minutes for the Eighteenth Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on December 25, 2020

(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

1. 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.
2. 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