Japan's post-Libor multi-rate regime could cause liquidity fragmentation

Karry Lai

May 12, 2021

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The lack of market consensus on a specific risk-free rate means market participants will opt for different alternatives, resulting in a lack of liquidity on TONA

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Karry Lai

Managing editor

Karry is managing editor of IFLR. She manages the team and is responsible for IFLR's content. She also sits on the editorial judging panels of IFLR's global awards and the Women in Business Law Awards. Before joining the legal media industry, she was project manager at a startup focused on sustainable lifestyle media and events.