Japan's banks and borrowers battle over lending benchmark as clock ticks on Libor

TOKYO/HONG KONG (Reuters) - A tug-of-war between Japan's banks and companies has erupted over replacing the widely used but tarnished Libor benchmark, illustrating the difficulty for lenders, borrowers and regulators in adopting a replacement for the $400 trillion benchmark.Libor, the London Interbank Offered Rate, underpinned the global market for loans, bonds and derivatives for decades. It is used to price everything from mortgages and credit cards to hedging contracts, protecting banks and..