TONAR
Tokyo Overnight Average Rate (TONA rate or TONAR) or Japanese Yen Uncollateralized Overnight Call Rate ({{langx|ja|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.[https://www.boj.or.jp/en/finsys/libor/index.htm/ Interest Rate Benchmark Reform (Preparedness for the Discontinuation of LIBOR) : 日本銀行 Bank of Japan]{{cite web |url=https://www.bakermckenzie.com/en/insight/publications/2017/11/libor-where-things-now-stand |title=LIBOR: Where Things Now Stand {{!}} Insight {{!}} Baker McKenzie |website=www.bakermckenzie.com |url-status=dead |archive-url=https://web.archive.org/web/20171203005455/http://www.bakermckenzie.com/en/insight/publications/2017/11/libor-where-things-now-stand |archive-date=2017-12-03}} {{Cite news|url=https://www.reuters.com/article/usa-bonds-sofr/explainer-what-is-sofr-the-new-u-s-libor-alternative-idUSL1N1RB0KF|title = EXPLAINER-What is SOFR? The new U.S. Libor alternative|newspaper = Reuters|date = 3 April 2018}} Mutan rate and TONA rate are the same things.
History
Japanese yen uncollateralized overnight call market started in July 1985.[https://www.stat-search.boj.or.jp/ssi/mtshtml/fm02_m_1_en.html 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.[https://www.boj.or.jp/en/paym/market/sg/rfr1612c.pdf Report on the Identification of a Japanese Yen Risk-Free Rate - Study Group on Risk-Free Reference Rates - Bank of Japan]{{Cite web|url=https://www.clarusft.com/libor-reform-what-you-need-to-know/|title=Libor Reform – What You Need to Know|date=26 September 2017}}
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.{{cite news |title=Libor Enters 'Final Chapter' as Global Regulators Set End Dates |url=https://www.bloomberg.com/news/articles/2021-03-05/libor-s-end-now-within-sight-as-u-k-s-fca-sets-final-dates |access-date=10 March 2021 |work=Bloomberg.com |date=5 March 2021 |language=en}}[https://www.zenginkyo.or.jp/en/libor/ LIBOR Transition | Japanese Bankers Association][https://www.jbatibor.or.jp/english/reform/ JBA TIBOR Reform | JBA TIBOR]
Target rates
File:Uncollateralized Overnight Call Rate Japan.svg
| class="wikitable"
|+ Bank of Japan target rates[https://www.sangiin.go.jp/japanese/annai/chousa/rippou_chousa/backnumber/2019pdf/20191202095.pdf 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 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%[https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2024/k240319a.pdf Changes in the Monetary Policy Framework - Bank of Japan] |
| 2024.08 - | 0.25%[https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2024/k240731a.pdf 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.[https://moneyworld.jp/page/tona.html TONA Averages & TONA Index | QUICK]
; TONA Index
References
{{reflist}}
External links
- [https://www3.boj.or.jp/market/en/menu_m.htm Daily TONA rate] - Bank of Japan
- [https://www.stat-search.boj.or.jp/ssi/mtshtml/fm02_m_1_en.html Monthly TONA rate] - Bank of Japan
- [https://moneyworld.jp/page/tona.html TONA Averages & TONA Index] - QUICK Corp
{{Reference rates}}
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