Tokyo Overnight Average Rate (TONA rate or TONAR) or Japanese Yen Uncollateralized Overnight Call Rate () is an unsecured interbank overnight interest rate and

reference rate A reference rate is a rate that determines pay-offs in a financial contract and that is outside the control of the parties to the contract. It is often some form of LIBOR rate, but it can take many forms, such as a consumer price index, a house pric ...

for

Japanese yen The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro. It is also widely used as a third reserve currency after the US dollar and the euro. Th ...

. 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 The is the central bank of Japan.Louis Frédéric, Nussbaum, Louis Frédéric. (2005). "Nihon Ginkō" in The bank is often called for short. It is headquartered in Nihonbashi, Chūō, Tokyo, Chūō, Tokyo. The said bank is a corporate entity ...

has recommended the TONA rate as the preferred

risk-free reference rate. TONA rate is recommended as a replacement for Japanese yen

LIBOR The London Inter-Bank Offered Rate (Libor ) was an interest rate average calculated from estimates submitted by the leading Bank, banks in London. Each bank estimated what it would be charged were it to borrow from other banks. It was the prim ...

, which was phased out at the end of 2021, and Euroyen

TIBOR Tibor is a masculine Hungarian given name. * Originated shortened form of the medieval Hungarian name ''Tiborc''; which originates from the ancient Latin surname Tiburtius. * from Etruscan name Tibur, which means "honest man" Some notable peopl ...

, which will be terminated at the end of 2024.JBA TIBOR Reform , JBA TIBOR
/ref>

Target rates

Uncollateralized Overnight Call Rate Japan

TONA Compounded Benchmarks

; TONA Averages : TONA Averages are derived from the daily compounded TONA rate. The terms are 30day, 90days, and 180 days.TONA Averages & TONA Index , QUICK
/ref> ; TONA Index : Assets when 100 was invested in TONA on June 14, 2017.

References

External links

Monthly TONA rate
- Bank of Japan

- QUICK Corp {{macroeconomics-stub Reference rates Interest rates