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TOKYO (MNI) – Bank of Japan Deputy Governor Masayoshi Amamiya called for financial institutions to shift LIBOR-related contracts to alternative contracts by the end of September or face a 'chaotic situation' attempting to amend legacy contracts nearer year end.

"Out of all the contracts referencing yen LIBOR among the surveyed financial institutions, the amount outstanding of those maturing after the end of 2021 amounted to a total of JPY2,000 trillion as of the end of 2020," Amamiya said.