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  "domain": "derivatives",
  "title": "Japan yen interest-rate swap (IRS) market",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan yen interest-rate swap (IRS) market",
    "aliases": [
      "japan-irs-market",
      "yen IRS market",
      "JPY interest rate swap",
      "Japan IRS notional",
      "TIBOR vs TONA migration",
      "JPY IRS dealer franchise",
      "JSCC IRS clearing",
      "Japan rates swap market"
    ],
    "domain": "derivatives",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "derivatives",
      "IRS",
      "JPY",
      "TIBOR",
      "TONA",
      "JSCC",
      "clearing",
      "dealer-franchise"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "JBATA TIBOR reform — https://www.jbatibor.or.jp/english/reform/",
      "JBATA Euroyen TIBOR cessation — https://www.jbatibor.or.jp/english/news/tibor_18.html",
      "FCA LIBOR wind-down — https://www.fca.org.uk/markets/transition-libor/benchmarks-regulation-powers-policy-decision-making",
      "JSCC IRS eligible products — https://www.jpx.co.jp/jscc/en/cash/irs/product.html",
      "BOJ BIS survey results — https://www.boj.or.jp/en/statistics/bis/yoshi/index.htm",
      "BIS OTC derivatives statistics — https://www.bis.org/statistics/derstats.htm"
    ]
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  "summary": "The yen interest-rate swap (IRS) market is the OTC derivative venue in which two counterparties exchange defined fixed and floating JPY interest cash flows over a stated tenor. Institution-specific use, direction, and product share require dated transaction or portfolio evidence.",
  "headings": [
    "Japan yen interest-rate swap (IRS) market",
    "TL;DR",
    "Wiki route",
    "Instrument Mechanics",
    "TIBOR vs TONA Migration",
    "Notional Outstanding",
    "Public dealer-data boundary",
    "Corporate vs Financial-Institution End-Users",
    "JSCC Clearing Mandate",
    "Related"
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