- Japanese financial system has over 2,600 trillion yen, around USD 24 trillion, worth of contracts based on the almost obsolete LIBOR benchmark. Japanese institutions has been very slow to make the transition to alternative risk free rates. The bulk of those contracts was derivatives. Another big portion of the instruments was in loans and bonds
- In Japan, the Tokyo Term Risk Free Rate (TORF) is the most popular candidate for replacing LIBOR. The benchmark was launched last month
- https://www.channelnewsasia.com/news/business/japanese-banks-have-us-24-trillion-of-libor-contracts-as-deadline-nears–survey-shows-14834080
