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. Mutan rate and TONA rate are the same things.
History
Japanese yen uncollateralized overnight call market started in July 1985.
Since December 28, 2016, the Bank of Japan has recommended the TONA rate as the preferred Japanese yen risk-free reference rate.
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.
Target rates
| Dates | Target rates |
|---|---|
| 1998.09 - 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% |
| 2024.08 - | 0.25% |
TONA Compounded Benchmarks
- TONA Averages
- TONA Averages are derived from the daily compounded TONA rate. The terms are 30day, 90days, and 180 days.
- TONA Index
- Assets when 100 was invested in TONA on June 14, 2017.
References
- Interest Rate Benchmark Reform (Preparedness for the Discontinuation of LIBOR) : 日本銀行 Bank of Japan
- "LIBOR: Where Things Now Stand | Insight | Baker McKenzie". www.bakermckenzie.com. Archived from the original on 2017-12-03.
- ^ "EXPLAINER-What is SOFR? The new U.S. Libor alternative". Reuters. 3 April 2018.
- BOJ's Main Time-series Statistics
- Report on the Identification of a Japanese Yen Risk-Free Rate - Study Group on Risk-Free Reference Rates - Bank of Japan
- "Libor Reform – What You Need to Know". 26 September 2017.
- "Libor Enters 'Final Chapter' as Global Regulators Set End Dates". Bloomberg.com. 5 March 2021. Retrieved 10 March 2021.
- LIBOR Transition | Japanese Bankers Association
- JBA TIBOR Reform | JBA TIBOR
- 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
- Changes in the Monetary Policy Framework - Bank of Japan
- 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 Averages & TONA Index | QUICK
External links
- Daily TONA rate - Bank of Japan
- Monthly TONA rate - Bank of Japan
- TONA Averages & TONA Index - QUICK Corp
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