Tokyo Overnight Average Rate (TONA rate or TONAR) or Japanese Yen Uncollateralized Overnight Call Rate (Japanese: 無担保コールO/N物レート) is an unsecured interbank overnight interest rate and reference rate for Japanese yen.[1][2][3] Mutan rate and TONA rate are the same things.

History

Japanese yen uncollateralized overnight call market started in July 1985.[4]

Since December 28, 2016, the Bank of Japan has recommended the TONA rate as the preferred Japanese yen risk-free reference rate.[5][6]

TONA rate is recommended as a replacement for Japanese yen LIBOR, which was phased out at the end of 2021, and Euroyen TIBOR, which will be terminated at the end of 2024.[3][7][8][9]

Target rates

TONA rate
Bank of Japan target rates[10]
DatesTarget rates
1998.09 - 1999.020.25%
1999.02 - 2000.08Initially 0.15%, then 0%.
2000.08 - 2001.020.25%
2001.02 - 2001.030.15%
2001.03 - 2006.03None (0%)
2006.03 - 2006.070.00%
2006.07 - 2007.020.25%
2007.02 - 2008.100.50%
2008.11 - 2008.120.30%
2008.12 - 2010.100.10%
2010.10 - 2013.040.00% - 0.10%
2013.04 -None (0%)

TONA Compounded Benchmarks

TONA Averages
TONA Averages are derived from the daily compounded TONA rate. The terms are 30day, 90days, and 180 days.[11]
TONA Index
Assets when 100 was invested in TONA on June 14, 2017.[11]

References

  1. ↑ Interest Rate Benchmark Reform (Preparedness for the Discontinuation of LIBOR) : 日本銀行 Bank of Japan
  2. ↑ "LIBOR: Where Things Now Stand | Insight | Baker McKenzie". www.bakermckenzie.com. Archived from the original on 2017-12-03.
  3. 1 2 "EXPLAINER-What is SOFR? The new U.S. Libor alternative". Reuters. 3 April 2018.
  4. ↑ BOJ's Main Time-series Statistics
  5. ↑ Report on the Identification of a Japanese Yen Risk-Free Rate - Study Group on Risk-Free Reference Rates - Bank of Japan
  6. ↑ "Libor Reform – What You Need to Know". 26 September 2017.
  7. ↑ "Libor Enters 'Final Chapter' as Global Regulators Set End Dates". Bloomberg.com. 5 March 2021. Retrieved 10 March 2021.
  8. ↑ LIBOR Transition | Japanese Bankers Association
  9. ↑ JBA TIBOR Reform | JBA TIBOR
  10. ↑ 日本銀行による追加緩和の行方 ― 金融政策の現状と課題 ― 立法と調査 2019.12 No.418 参議院常任委員会調査室・特別調査室
  11. 1 2 TONA Averages & TONA Index | QUICK
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