REPLACING Phrase (Formats 2 and 3)

identifier-3 or literal-1
The subject field.
identifier-5 or literal-3
The substitution field.
The subject field and the substitution field must have the same length. The following replacement rules apply:

When the CHARACTERS phrase is used, literal-3 or identifier-5 must be 1 character in length, and literal-2 or identifier-4 must be 1 character in length.

When neither the BEFORE nor AFTER phrase is specified, the following actions take place when the INSPECT REPLACING statement is executed: