- The publication of average rates of issuance for short-term corporate bonds, etc. ("CP issuance rates") is performed by the Japan Securities Depository Center, Inc. ("JASDEC") on the basis of entrustment by the Bank of Japan, as part of measures aimed at improving the transparency of the short-term corporate bond market in Japan. The calculation method of average rates of issuance for short-term corporate bonds, etc. is the same as that of average commercial paper issuance rates ("CP issuance rates"), which was published by JASDEC.
- The compilation and publication of CP issuance rates is based on information provided to JASDEC by issuers or issuers' agents that use the Short-Term Corporate Bonds Book-Entry Transfer System, as well as rating information obtained from Rating and Investment Information, Inc. ("R&I") or Japan Credit Rating Agency, Ltd. ("JCR"). Accordingly, the accuracy of the CP issuance rates calculated and published by JASDEC depends on the accuracy of the information provided. Moreover, the CP issuance rates are compiled based on information received up to a certain point of time. As such, any information not made available to JASDEC or provided after that time by issuers, issuers' agents, R&I or JCR will not be reflected in the CP issuance rates published by JASDEC. This may lead to differences in the CP issuance rates published by JASDEC and the actual CP issuance rates.
- The Bank of Japan and JASDEC undertakes no investigation or verification of the accuracy of any information provided in accordance with the above, and makes no warranty with regard to the accuracy of the CP issuance rates. There is no provision in the operational rules, etc. of JASDEC for penalties in cases where issuers or issuers' agents provide JASDEC with inaccurate information, and neither R&I nor JCR has a legal obligation to provide the Bank of Japan and JASDEC with accurate information.
- All persons making use of or reference to the CP issuance rates published by JASDEC shall indemnify the Bank of Japan, JASDEC, issuers, issuers' agents, R&I and JCR from any damages arising from such use or reference regardless of the accuracy or sufficiency of the information provided by issuers, issuers' agents, R&I or JCR and regardless of whether the CP issuance rates have been calculated correctly.
- The published CP issuance rates may be revised or deleted by JASDEC without prior notice. JASDEC may at any time suspend publication of the CP issuance rates due to systems failure or systems maintenance. The Bank of Japan and JASDEC assumes no responsibility for the ongoing publication of CP issuance rates and undertakes no obligation to actively seek out or obtain information to ensure that the published CP issuance rates correctly reflects the actual CP issuance rates.
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