ISDA has published the following statement in response to today’s announcement by JBA TIBOR Administration (JBATA), the administrator of yen TIBOR and euroyen TIBOR.

“Today, JBATA announced that it will consult on its intention to retain yen TIBOR and discontinue euroyen TIBOR at the end of December 2024. The JBATA also stated that the specifics of the reform and the timing will be finalized after the consultation process.

“This statement does not constitute an index cessation event under the IBOR Fallbacks Supplement or the ISDA 2020 IBOR Fallbacks Protocol. Therefore, the statement will not trigger the fallbacks for euroyen TIBOR under the supplement or protocol (ie, to the adjusted risk-free rate plus spread) or have any effect on the calculation of the spread applicable to these fallbacks. The statement will also not trigger fallbacks under the 2018 ISDA Benchmarks Supplement or its protocol.”

This statement is for information purposes only. It does not constitute legal advice and should not be considered an explanation of all relevant issues. You should consult your legal advisors and any other advisor you deem appropriate in considering the issues discussed herein.

For additional information on benchmark reform, including the operation of new derivatives fallbacks, visit ISDA’s benchmark reform and transition from LIBOR page on the ISDA website.

For Press Queries, Please Contact:

Nick Sawyer, ISDA London, +44 20 3808 9740, nsawyer@isda.org

Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org

Joel Clark, ISDA London, +44 20 3808 9760, jclark@isda.org

Christopher Faimali, ISDA London, +44 20 3808 9736, cfaimali@isda.org

Nikki Lu, ISDA Hong Kong, +852 2200 5901, nlu@isda.org