4 The rise in LIBOR has also resulted in higher money market rates in Hong Kong, New Zealand and the UK. But 12 / 13  BIS central bankers' speeches  there has been less of an effect on European or Japanese rates.
This is because while European and Japanese banks also raise funds in the US money markets, they do so to fund $ assets, rather than assets in their own currencies. 5 Debelle G (2017), ‘Business Investment in Australia’, Speech at UBS Australasia Conference, Sydney,  13 November. 6 See RBA (2018), ‘Box C: Spillovers from Public Investment’, Statement on Monetary Policy, February, pp 40–42.