TONAR

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]
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 -	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

External links

Daily TONA rate - Bank of Japan
Monthly TONA rate - Bank of Japan
TONA Averages & TONA Index - QUICK Corp

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[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". https://www.bakermckenzie.com/en/insight/publications/2017/11/libor-where-things-now-stand.

[Reuters_what_is_sofr_the_new-3] 3.0 ^3.1 "EXPLAINER-What is SOFR? The new U.S. Libor alternative". Reuters. 3 April 2018. https://www.reuters.com/article/usa-bonds-sofr/explainer-what-is-sofr-the-new-u-s-libor-alternative-idUSL1N1RB0KF.

[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. https://www.clarusft.com/libor-reform-what-you-need-to-know/.

[7] "Libor Enters 'Final Chapter' as Global Regulators Set End Dates" (in en). Bloomberg.com. 5 March 2021. https://www.bloomberg.com/news/articles/2021-03-05/libor-s-end-now-within-sight-as-u-k-s-fca-sets-final-dates.

[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

[tona-index-11] 11.0 ^11.1 TONA Averages & TONA Index | QUICK

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