Japan Benchmarks Forum

Future of Japanese Yen Swap Rate - 日本円スワップレートの今後

Tuesday, September 28, 2021

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This is a ISDA Virtual Conference :

  • Event will be live on Tuesday, September 28 from 9:00 AM – 10:15 AM JST
  • This conference will be conducted in Japanese. Presentation material will be in English or Japanese.
  • Miss part of the event or aren’t able to watch live? The recording will be available to registrants until October 28, 2021.

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Tuesday, September 28, 2021

Print Agenda Japan Benchmarks Forum for

9:00 AM Introduction | イントロダクション Tomoko Morita

Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

9:05 AM Welcoming Remarks | 開会の挨拶 Hideo Tomita

Hideo Tomita, Representative Director, Refinitiv Japan K.K.

9:15 AM Managing the Shift from JPY LIBOR | 円LIBORからの移行に向けて Tomoko Morita, Shinichiro Itozaki, Yuji Sokawa, Atsuya Watanabe

Market participants in Japan are preparing for an industry milestone to cease new issuance of LIBOR swaps from September 30. How much progress has been made and how successful has the ‘TONA First’ strategy been in encouraging liquidity in the overnight risk-free rate? What impact will LIBOR’s demise have on the Tokyo Swap Reference Rate (TSR)? What fallback will apply for legacy trades referenced to JPY LIBOR TSR, and what headway has been made in developing a new TONA TSR?

本邦市場参加者は、9月30日にLIBOR スワップの新規取引を停止するという大きな節目を迎えます。「TONAファースト」戦略は、翌日物リスクフリーレートの流動性を促進する上で、どの程度成功したのでしょうか? LIBOR の終焉は、東京スワップ・リファレンス・レート(TSR)にどのような影響を与えるのでしょうか? 円LIBOR TSRを参照する既存取引にはどのようなフォールバックが適用されるのでしょうか? また、新しいTONA TSRにはどのような進展があったのでしょうか?

Moderator: Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA
Shinichiro Itozaki, Senior Manager, Global Markets Engineering Division, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Yuji Sokawa, Regional Proposition Sales Director, Refinitiv Japan K.K.
Atsuya Watanabe, Director, Markets and Securities Services, Citigroup Global Markets Japan Inc.

10:15 AM Forum Concludes

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Hideo Tomita

Representative Director

Refinitiv Japan K.K.

Shinichiro Itozaki

Senior Manager, Global Markets Engineering Division

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Tomoko Morita

Senior Director and Head of Tokyo Office



Yuji Sokawa

Regional Proposition Sales Director

Refinitiv Japan K.K.

Atsuya Watanabe

Director, Markets and Securities Services

Citigroup Global Markets Japan Inc.

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Registration is complimentary.

Member US$0.00

Non-Member US$0.00

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