In July 2019, the Committee carried out its first public consultation on the choice of alternative interest rate benchmarks to yen LIBOR, including the ones for new loans and bonds, in order to solicit comments from a wide range of market participants. The results of the first public consultation were then published in November the same year.
Statements by the central bank and other authorities can influence people’s expectations and, ultimately, their economic decisions. Sound and accurate reporting by the media therefore is necessary to help bring our message across to financial markets and the general public. We understand that covering the economic beat is quite challenging. Unfortunately, it is also at times, thankless.