JAPAN

Market Infrastructure

Japan Lacks Consensus on LIBOR Replacement – Report

By Editors | 05/04/2020

About 57% of Japanese banks say TIBOR should be used, while about 70% of companies prefer to use forward-looking term rates based on TONAR.

Capital / Liquidity

Japan Plans for Basel III Implementation in March 2023

By Editors | 31/03/2020

The FSA also said NSFR implementation is being deferred by one year to April 2021, as the BOJ relaxes the eligibility requirements for firms to participate in its market operations.

ESG / Sustainability

Japan Finalises Stewardship Code Revisions

By Editors | 25/03/2020

Existing signatories have six months to update their disclosures to reflect the revisions, which include expectations to incorporate sustainability considerations in investment decisions.

BOJ Carries Out Emergency Operations to Curb Bond Volatility

By Editors | 20/03/2020

The 1.3 trillion yen emergency bond-buying operation to was aimed at stabilising the debt market given its recent volatility, the BOJ  said.

Securities / Derivatives

Tokyo Stock Exchange to Ease Rules on Delistings, IPOs – Report

By Editors | 17/03/2020

Companies that have fallen into negative net worth as a result of the coronavirus pandemic will have 2 years before their shares are delisted, up from 1 year currently.

Securities / Derivatives

Japan Unveils New Foreign Investment Rules for Consultation

By Editors | 17/03/2020

Foreign financial institutions subject to regulatory supervision are eligible for a “blanket exemption” from the pre-notification requirement.

Securities / Derivatives

UPDATED – BOJ Introduces New Lending Facility, Expands Asset Purchases

By Editors | 16/03/2020

The new 8 trillion yen lending facility will offer banks one-year, zero-interest loans collateralised by corporate debt securities. The BOJ is also doubling its annual ETF purchase capacity.

Market Infrastructure

BOJ, FSA Publish Findings on LIBOR Transition Progress

By Editors | 15/03/2020

About 50% of the 6.3 quadrillion yen in notional derivatives referencing LIBOR will mature after 2021, but “very few” contracts incorporate fallback provisions.

Market Infrastructure

Eurex Approved to Offer Clearing Services in Japan

By Editors | 12/03/2020

The FSA licence will allow Japanese financial institutions to combine their listed and OTC euro yield curve businesses in one single place, Eurex says.