The Committee published a statement entitled "Preparations for the discontinuation of LIBOR in the JPY interest rate swaps market" in late March this year.7 It requested that market participants should cease the initiation of new transactions of yen LIBOR swaps by no later than the end of this September, and they should do so as early as possible, if practicable.
It also clarified that OIS should be the dominant option which would replace yen LIBOR swaps. The statement by the Committee is well in line with the global standard concerning the LIBOR transition in derivatives, as proposed by the Financial Stability Board (FSB).