The Committee, of which the Bank of Japan serves as its secretariat,  3  consists of a wide range of market participants from various businesses, including financial institutions and non-financial corporates. It conducted necessary deliberations from various viewpoints to help benchmark users to appropriately choose and use Japanese yen interest rate benchmarks as alternatives to yen LIBOR.
In the current third and final stage, which determines the success of the yen LIBOR transition, the focus has shifted to the actual implementation of the yen LIBOR transition activity by each individual market participant, as necessary tools to facilitate each transition activity are already set ready for use in general, reflecting further progress made in deliberations by relevant bodies, including the Committee. B.