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The former JPY LIBOR provided an indication of the average rate at which contributory panel banks in London could obtain wholesale, unsecured funding for a given period, denominated in JPY.

It ceased to be calculated and published in this way with effect from 4 January 2022.

It then became subject to a further, limited, transitional "synthetic" period to the end of 2022.

New use of synthetic LIBOR is banned
"The 1, 3 and 6 month sterling and Japanese yen LIBOR settings are Article 23A benchmarks, meaning they are now permanently unrepresentative of the underlying market they seek to measure. This is because the panel of banks, which used to provide submissions to create these rates, has now ended.
From today [4 January 2022], these 6 LIBOR settings will be calculated in a way that does not rely on submissions from panel banks. Market participants generally call this 'synthetic' LIBOR...
Synthetic yen LIBOR will cease at the end of 2022...
We also remind market participants that new use of synthetic LIBOR is banned."
Changes to LIBOR as of end-2021 - Financial Conduct Authority.

Not to be confused with TIBOR.

See also

External link