Tokyo Overnight Average Rate (TONA rate or TONAR) or Japanese Yen Uncollateralized Overnight Call Rate ( ja, 無担保コールO/N物レート) is an unsecured

interbank Interbank is a Peruvian provider of financial services. History In 1897, Elias Mujica opened an agency at Jiron de la Union in Lima's historical center under the name of ''Banco Internacional''. In 1934, branches were opened in Chiclayo and ...

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 pri ...

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 (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the ...

Mutan rate The Mutan interest rate is the un- collateralized overnight call rate in Japan. It is the reference rate for JPY overnight unsecured transactions in the Japanese market. It was launched in July 1985 and it is the main tool for the transmissio ...

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 has its headquarters in Chūō, Tokyo, Chūō, Tokyo. History Like most modern Japanese instituti ...

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 is an interest-rate average calculated from estimates submitted by the leading banks in London. Each bank estimates what it would be charged were it to borrow from other banks. The resulting average rate is u ...

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

TIBOR Tibor is a masculine given name found throughout Europe. There are several explanations for the origin of the name: * from Latin name Tiberius, which means "from Tiber", Tiber being a river in Rome. * in old Slavic languages, Tibor means "sacred pl ...

, 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