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 - 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
External links
