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TIBOR stands for the Tokyo Interbank Offered Rate and is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Japan wholesale money market (or interbank market). TIBOR is published daily by the Japanese Bankers Association (JBA).
TIBOR is calculated based on the quotes for different maturities provided by reference banks at about 11.00 a.m. each business day. There are two forms of TIBOR rates: Japanese Yen TIBOR rate (introduced in November 1995, it reflects rates in unsecured call market) and Euroyen TIBOR rate (introduced in March 1998, it reflects rates in offshore market).
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