Tokyo Overnight Average Rate (TONA rate or TONAR) or Japanese Yen Uncollateralized Overnight Call Rate () is an unsecured interbank overnight interest rate and reference rate for Japanese yen.Interest Rate Benchmark Reform (Preparedness for the Discontinuation of LIBOR) : 日本銀行 Bank of Japan Mutan rate and TONA rate are the same things.
History Japanese yen uncollateralized overnight call market started in July 1985.BOJ's Main Time-series Statistics
Since December 28, 2016, the Bank of Japan has recommended the TONA rate as the preferred Japanese yen risk-free reference rate.Report on the Identification of a Japanese Yen Risk-Free Rate - Study Group on Risk-Free Reference Rates - Bank of Japan
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.LIBOR Transition | Japanese Bankers AssociationJBA TIBOR Reform | JBA TIBOR
Target rates
+ Bank of Japan target rates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 Dates Target rates1998.09 - 1999.02 0.25%1999.02 - 2000.08 Initially 0.15%, then 0%.2000.08 - 2001.02 0.25%2001.02 - 2001.03 0.15%2001.03 - 2006.03 None (0%)2006.03 - 2006.07 0.00%2006.07 - 2007.02 0.25%2007.02 - 2008.10 0.50%2008.11 - 2008.12 0.30%2008.12 - 2010.10 0.10%2010.10 - 2013.04 0.00% - 0.10%2013.04 - 2024.03 None (0%)2024.03 - 0.00% - 0.10%Changes in the Monetary Policy Framework - Bank of Japan2024.08 - 0.25%Change in the Guideline for Money Market Operations and Decision on the Plan for the Reduction of the Purchase Amount of Japanese Government Bonds - Bank of Japan
TONA Compounded Benchmarks TONA Averages TONA Averages are derived from the daily compounded TONA rate. The terms are 30day, 90days, and 180 days.TONA Averages & TONA Index | QUICK TONA Index Assets when 100 was invested in TONA on June 14, 2017.
References
External links Daily TONA rate - Bank of Japan Monthly TONA rate - Bank of Japan TONA Averages & TONA Index - QUICK Corp