On 6 April 2020, the European Commission published for a four-week consultation period a draft implementing decision on the equivalence of the legal and supervisory framework applicable to benchmarks in Japan in accordance with the Benchmarks Regulation. The decision is applicable to the specified administrators of financial benchmarks that are specified as specified financial benchmarks in accordance with the Japanese Financial Instruments and Exchange Act (FIEA), as published in the Official Gazette in Japan. These currently only include the Japanese Yen TIBOR and Euroyen TIBOR.

The only other two BMR equivalence decisions adopted by the Commission to date were in respect of Australia and Singapore.