Based on these findings, several jurisdictions convened national working groups to review their respective IBORs. There was widespread agreement that IBOR rates should be discontinued and replaced with more robust risk-free or near risk-free rates.
Since the outbreak of the Lehman crisis, major central banks around the globe have introduced unconventional monetary policy measures, including asset purchases, amid the constraints of a zero lower bound for nominal interest rates. The Bank of Japan has also implemented unconventional monetary policy several times, since more than a decade ago, and has successfully accumulated ample experience.