Then, as I mentioned in the beginning, the third and final stage of the LIBOR transition started in March 2021 against a background of the formal announcement with regard to the permanent cessation of LIBOR for all currencies in the future. Let me turn to the initiatives taken in Japan corresponding to each of these three stages (Chart 1).
In the first stage, where the continuation of LIBOR publication remained intact, various efforts were made to enhance the robustness of the Tokyo InterBank Offered Rate (TIBOR), a financial benchmark based on interbank rates in the Tokyo market, within the framework of the interest rate benchmark reform in conjunction with yen LIBOR.