TIBOR is calculated based on daily submissions from the following 15 reference banks, representing diverse segments of the Japanese financial market:
Major Commercial Banks
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Regional Banks
Resona Bank, Ltd.
Saitama Resona Bank, Limited
The Bank of Yokohama, Ltd.
Trust Banks
Mitsubishi UFJ Trust and Banking Corporation
Mizuho Trust and Banking Co., Ltd.
Sumitomo Mitsui Trust Bank, Ltd.
Specialized Financial Institutions
Shinsei Bank, Limited
Aozora Bank, Ltd.
Shinkin Central Bank
The Shoko Chukin Bank
The Norinchukin Bank
Each bank submits daily rates. The highest and lowest quotes are excluded, and TIBOR is calculated as the average of the remaining submissions.