Bank of Japan : Minutes for theThirteenth Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks on March 31, 2020

(Tentative translation)

Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks

Minutes for the March 31, 2020 Meeting

(by written resolution)

At the last meeting, the chair made proposals described below, which were approved by the members.

• The Sub-Group on Loans would make deliberation on spread adjustment methodologies for fallbacks in loans referencing JPY LIBOR.
• The Sub-Group for the Development of Term Reference Rates would further develop market practices in order to enhance the liquidity of the JPY OIS transactions.

Following the resolution, the Secretariat proposed to the Committee the specific matters to be discussed in each sub-group, and the members approved this proposal.

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Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks

Attendance for the March 31, 2020 Meeting

(Members)
Chair	MUFG Bank			MATSUURA Taro
Vice Chair	Nomura Securities			NONOMURA Shigeru
	Mizuho Bank			KOBAYAKAWA Motomu
	Sumitomo Mitsui Banking Corporation	ORIHARA Takashi
	Bank of Yokohama			ARAI Tomoki
	The Ehime Bank			IYODA Seiji
	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		NAGATA Shirou
	Shinkin Central Bank			TANAKA Hiroyuki
	Nippon Life Insurance Company	OKAMOTO Shinichi
	Tokio Marine Holdings		NIKKAWA Shinya
	Daiwa Asset Management		KOMIYA Tsutomu
	Marubeni Corporation			OGURA Yasuhiko
	Mitsui Fudosan			TOGASHI Retsu
	East Japan Railway Company	ITO Atsuko
	Mitsubishi UFJ Lease & Finance	TOMINAGA Osamu
	Nippon Telegraph	and	Telephone	HIROI Takashi
	Corporation
(Observers)
	JBA TIBOR Administration		SERA Yuichi
	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	KOYAMA Hirotaka
Japan Securities Dealers Association	MATSUNAGA Hideaki
Financial Services Agency	AOSAKI Minoru
Bank of Japan	OOTAKE Hiroki
Bank of Japan	SHIOZAWA Hiroyuki