Japan banking body to tighten interbank rate monitoring

Japan’s banking industry group said on Friday it will tighten monitoring of how its interbank lending rates are set, responding to growing public distrust in benchmark rates around the world in the wake of rate-rigging scandals.

The Japanese Bankers Association said it will set up an independent monitoring body to oversee the operation of the Tokyo interbank offered rate (Tibor) and hire outside auditors to improve the transparency on how the benchmark rates are set.

via Business feed http://www.scmp.com/business/banking-finance/article/1275927/japan-banking-body-tighten-interbank-rate-monitoring