7  As a result of that public consultation,3 a "term reference rate," which would be calculated based on future expectations of the Japanese risk-free rate (uncollateralized overnight call rate), received the most support as an alternative benchmark to JPY LIBOR for both loans and bonds (Figure 5).
More importantly, it also implies that we must manage these tools carefully during the normalisation phase, so as to fully safeguard their effectiveness for the future. In that sense it is important that we stick to the conditionality we have introduced in our forward guidance formulation.