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  "domain": "derivatives",
  "title": "Japan swaption (interest-rate option) market",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan swaption (interest-rate option) market",
    "aliases": [
      "japan-swaption-market",
      "JPY swaption",
      "yen swaption",
      "Japanese yen swaption",
      "swaption JPY market",
      "payer swaption",
      "receiver swaption",
      "Bermudan callable JPY",
      "life insurer variable annuity hedging",
      "GMxB hedging swaption"
    ],
    "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",
      "swaption",
      "JPY",
      "interest-rate-options",
      "life-insurer",
      "variable-annuity",
      "GMxB",
      "ATMF",
      "vol-grid"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "ISDA interest-rate product disclosure — https://www.isda.org/a/ORiDE/isda-rates.pdf",
      "ISDA RFR conventions and fallbacks product table — https://www.isda.org/a/bdigE/RFR-Conventions-and-IBOR-Fallbacks-Product-Table-October-2021.pdf",
      "BIS OTC derivatives statistics — https://www.bis.org/statistics/derstats.htm",
      "BOJ BIS survey results — https://www.boj.or.jp/en/statistics/bis/yoshi/index.htm",
      "JSCC IRS eligible products — https://www.jpx.co.jp/jscc/en/cash/irs/product.html"
    ]
  },
  "summary": "A swaption is an OTC interest-rate option granting the holder the right, but not the obligation, to enter into or settle against a defined interest-rate swap under agreed terms. JPY swaptions relate to the JPY interest-rate swap and OIS-TONA markets. The cited aggregate sources do not establish that",
  "headings": [
    "Japan swaption (interest-rate option) market",
    "TL;DR",
    "Wiki route",
    "Instrument Mechanics",
    "JPY Swaption Implied-Volatility Grid",
    "Payer vs Receiver Direction and Position Evidence",
    "Bermudan Callable Swaptions",
    "Life-Insurer Variable-Annuity (GMxB) Hedging",
    "Public dealer-data boundary",
    "Clearing Status"
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