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The plan to stop using the London Interbank Offer Rate (LIBOR) will have a major impact on Asian markets, Bank of Japan Vice President Yumiyama said Thursday. LIBOR is an index interest rate widely used in financial transactions.
"Permanent discontinuation of LIBOR will be one of the most significant events in the history of global finance, and this day will inevitably come," Yugong said in a speech on Asian capital markets.
"So it's important for all of us to work together for our common good -- that is, to make a smooth transition to an alternative reference rate," he said.

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