The iBoxx USD Liquid High Yield (TTM JPY) (JPY Hedged) measures the performance of high yield, USD-denominated liquid corporate bonds, hedged against fluctuations of the Japanese yen using TTM JPY FX rates published by Bank of Tokyo-Mitsubishi at 10 am Tokyo time. Bonds must be issued by public or private corporations domiciled, incorporated and with country of risk in developed markets. Securities must have a minimum amount outstanding of USD 400 million and an issuer amount outstanding of at least USD 1 billion across all non-convertible USD-denominated bonds. Bonds must have a remaining time to maturity of at least three years at rebalancing. The index is market-value weighted with a 3% issuer cap. Bonds must settle through DTCC or be Rule 144A with registration rights. A three-month lockout period applies to bonds that drop out and a six-month minimum run applies to new entrants.