Consequently, the publication of a production rate 4  Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks (2019), "Final Report on the Results of the Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks." In the report, the term risk-free rate is indicated as the Term Reference Rate.
6  for TORF designed for the use in actual transactions started on April 26 this year, about two months ahead of its initial schedule.5 Accordingly, all of the three alternative benchmarks necessary for new transactions -- TIBOR, the compounding in arrears, and TORF -- are now available.