Japan is emerging as a key area of concern in the global migration away from the London interbank offered rate. With just nine months until yen Libor is phased out, only a fraction of the roughly 3 quadrillion yen ($27tn) in derivatives pegged to the discredited benchmark have switched to alternative reference rates. A further $150bn in cash products such as loans and floating-rate notes – many of which can’t be easily shifted to new benchmarks – aren’t due to mature until after Libor expires, Fitch Ratings says. As the deadline nears, worries are mounting that the country could face a disorderly transition come year-end marred by technical problems, legal disputes and increased interbank r
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