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April 5, 2021 | 12:02 am Font Size REUTERS JAPAN is emerging as a key area of concern in the global migration away from the London interbank offered rate (Libor). With just nine months until yen Libor is phased out, only a fraction of the roughly Y3 quadrillion ($27 trillion) in derivatives pegged to the discredited benchmark have switched to alternative reference rates. A further $150 billion 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 yearend marred by technical problems, legal disputes and increased interbank rate volatility. Global regulators overseeing Libor’s end announced in March that they were considering the creation of a ‘synthetic’ yen rate as a stopgap measure to allow more so-called tough legacy contracts to ro

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