It can be said that developing interest rate benchmarks for the Japanese yen that will continue to function even after economic or financial shocks, as well as remain "reliable" and "robust" without any room for fraudulent manipulation, is an indispensable element in maintaining the stability of the financial system in Japan.
I believe the construction of a highly reliable and robust interest rate benchmark will strengthen the functions of Tokyo′s markets along with the infrastructure of existing financial markets, which will lead to the improvement of the attractiveness of Tokyo′s markets as international financial markets and the mother market of the Japanese yen (Figure 9).