{
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  "slug": "loyalty/point-exchange-network-risk",
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  "url": "https://finwiki.zksc.io/ja/loyalty/point-exchange-network-risk/",
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    "en": "https://finwiki.zksc.io/en/loyalty/point-exchange-network-risk/"
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  "github_url": "https://github.com/jasonhnd/finwiki/blob/main/loyalty/point-exchange-network-risk.md",
  "raw_markdown_url": "https://finwiki.zksc.io/loyalty/point-exchange-network-risk.md",
  "domain": "loyalty",
  "title": "Point exchange network risk (JP cross-program conversion economics)",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Point exchange network risk (JP cross-program conversion economics)",
    "aliases": [
      "loyalty/point-exchange-network-risk",
      "point-exchange-network-risk",
      "ポイント交換 ネットワークリスク",
      "ポイント相互交換 経済",
      "cross-program point conversion risk",
      "point exchange settlement risk"
    ],
    "domain": "loyalty",
    "type": null,
    "created": "2026-06-03",
    "last_updated": "2026-06-03",
    "last_tended": "2026-06-03",
    "review_by": "2026-12-03",
    "confidence": "likely",
    "tags": [
      "loyalty",
      "points",
      "point-exchange",
      "settlement",
      "breakage",
      "fraud",
      "japan",
      "finance",
      "cross-program"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://global.rakuten.com/corp/news/press/2022/0511_01.html",
      "https://www.ana.co.jp/en/jp/shoppingandlife/point/tukau_rakuten/",
      "https://point.rakuten.co.jp/guidance/en/faq/pointinfo/",
      "https://www.asb.or.jp/jp/wp-content/uploads/asbj_29.pdf",
      "https://elaws.e-gov.go.jp/document?lawid=421AC0000000059",
      "https://www.fsa.go.jp/menkyo/menkyo.html"
    ]
  },
  "summary": "This entry sits under loyalty index as the cross-program exchange risk-scenario page beneath Japan points and loyalty landscape. It pairs with point liability accounting boundary, which explains why conversion accounting depends on contracts and the redemption obligor. For the regulatory edge, route",
  "headings": [
    "Point exchange network risk (JP cross-program conversion economics)",
    "Wiki route",
    "TL;DR",
    "Why exchange turns a point into a network",
    "The five risk surfaces",
    "Settlement and counterparty risk",
    "Rate / FX-like exposure",
    "Breakage mis-estimation",
    "Arbitrage and laundering vectors",
    "Cash-equivalence drift"
  ],
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      "loyalty/d-point-detailed-ecosystem",
      "loyalty/jal-mileage-bank-vs-ana-mileage-club-comparison",
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      "loyalty/point-liability-accounting-boundary",
      "loyalty/ponta-points-deep-dive",
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    "external_links_count": 7,
    "external_links": [
      "https://elaws.e-gov.go.jp/document?lawid=421AC0000000059",
      "https://point.rakuten.co.jp/guidance/en/faq/pointinfo/",
      "https://www.ana.co.jp/en/jp/shoppingandlife/point/tukau_rakuten/",
      "https://www.asb.or.jp/jp/wp-content/uploads/asbj_29.pdf",
      "https://www.fsa.go.jp/menkyo/menkyo.html",
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    "last_modified": "2026-07-29"
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