BANKING AFFAIRS

Detailed explanation-1: -TIBOR is an acronym for Tokyo Interbank Offered Rate, which is the daily reference rate derived from interest rates that banks charge to lend funds to other banks in the Japanese interbank market.

Detailed explanation-2: -LIBOR is published in five currencies (US dollar, Pound Sterling, Swiss franc, Euro, and Japanese yen) and for seven interest tenors (ranging from overnight to 12 months). Of these, LIBOR for Japanese Yen is known as “JPY LIBOR”. LIBOR has an important role in global markets.

Detailed explanation-3: -INTRODUCTION. Japanese yen pricing in the international money market known as the “Euroyen” market uses two bases: LIBOR, the London Interbank Offered Rate, set at 11 a.m. London time, or TIBOR, the Tokyo Interbank Offered Rate, set at 11 a.m. Tokyo time.

Detailed explanation-4: -TIBOR is subject to regulations of the Japan Financial Services Agency as a Specified Financial Benchmark under the Financial Instruments and Exchange Act; and. TONAR is a risk-free rate ("RFR") based on the uncollateralized overnight call rate.

Detailed explanation-5: -Z-TIBOR® is calculated and published by JBATA and reflects the prevailing short term interest rates on the Japan offshore market. JBATA also publishes ‘Japanese Yen TIBOR’ (D-TIBOR), which reflects the prevailing rates on the unsecured call market1.