TIBOR
a.k.a. Tokyo Interbank Offered Rate
A benchmark for the interest rate at which banks in Tokyo lend to each other.
In plain English
A benchmark for the interest rate at which banks in Tokyo lend to each other.
TIBOR, the Tokyo Interbank Offered Rate, is Japan's version of LIBOR: a reference for what banks charge each other to borrow yen (and offshore yen) for set periods. Loans and derivatives can be priced off it.
After the LIBOR scandal, regulators pushed markets toward rates based on actual transactions. In Japan, that means the overnight rate TONA has become the main benchmark, while TIBOR survives in a reduced role.
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