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.

## Contents

* 1 History
* 2 Target rates
* 3 TONA Compounded Benchmarks
* 4 References
* 5 External links

## 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 - 2024.03 | None (0%)
2024.03 - | 0.00% - 0.10%[11]
2024.08 - | 0.25%[12]

## TONA Compounded Benchmarks

TONA Averages
TONA Averages are derived from the daily compounded TONA rate. The terms are 30day, 90days, and 180 days.[13]
TONA Index
Assets when 100 was invested in TONA on June 14, 2017.[13]

## 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". https://www.bakermckenzie.com/en/insight/publications/2017/11/libor-where-things-now-stand.
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
11. ↑ Changes in the Monetary Policy Framework - Bank of Japan
12. ↑ 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
13. ↑ 13.0 13.1 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

* v
* t
* e

Reference rates

Terminology|

* Bank rate
* Effective interest rate
* Interbank lending market
* Overnight indexed swap
* Overnight rate

Rates|

* EIBOR
* Euribor
* EONIA
* €STR
* EURONIA
* Federal funds rate
* Helibor
* HIBOR
* JIBAR
* Pakistani KIBOR
* Ukrainian KIBOR
* Libor
* Indian MIBOR
* Russian MIBOR
* Mutan rate
* RIGIBOR
* SAIBOR
* SARON
* Shibor
* Singaporean SIBOR
* SOFR
* SONIA
* STIBOR
* TED spread
* TIBOR
* TONAR

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