Market-wide initiatives It is also important to promote market-wide initiatives, including the establishment of alternative benchmarks to LIBOR and the development of market practices, in order to encourage individual actions by market participants and interest rate benchmark users (Figure 7).
As mentioned earlier, for the Japanese yen, there is a great deal of support for the term reference rate to be used as an alternative benchmark to JPY LIBOR. The entity responsible for calculating and publishing the term reference rate is scheduled to be determined relatively soon.