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BOJ's Amamiya urges banks to speed up LIBOR transition plans

BOJ's Amamiya urges banks to speed up LIBOR transition plans

FILE PHOTO: Bank of Japan Deputy Governor Masayoshi Amamiya speaks during a Reuters Newsmaker event in Tokyo, Japan July 5, 2019. REUTERS/Issei Kato/File Photo

TOKYO: Market players should proceed swiftly with their LIBOR transition plans to avoid disrupting financial markets, Bank of Japan Deputy Governor Masayoshi Amamiya said on Tuesday.

"If many market participants collectively postpone their decisions on the LIBOR transition, it would not only be socially undesirable but also undermine their own benefits," Amamiya said in a speech.

(Reporting by Leika Kihara; Editing by Ritsuko Ando)

Source: Reuters

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