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.
As a first step, the entity is going to start publishing "prototype rates," which do not presume use in actual transactions. Through the publication of prototype rates, it is expected that the entire market will transition smoothly from JPY LIBOR to the term reference rate as individual steps are taken to prepare for transactions using that alternative benchmark.