TONAR


Tokyo Overnight Average Rate or Japanese Yen Uncollateralized Overnight Call Rate is an unsecured interbank overnight interest rate and reference rate for Japanese yen. 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 has recommended the TONA rate as the preferred Japanese yen risk-free reference rate.
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.

Target rates

DatesTarget rates
1998.09 - 1999.020.25%
1999.02 - 2000.08Initially 0.15%, then 0%.
2000.08 - 2001.020.25%
2001.02 - 2001.030.15%
2001.03 - 2006.03None
2006.03 - 2006.070.00%
2006.07 - 2007.020.25%
2007.02 - 2008.100.50%
2008.11 - 2008.120.30%
2008.12 - 2010.100.10%
2010.10 - 2013.040.00% - 0.10%
2013.04 - 2024.03None
2024.03 -0.00% - 0.10%
2024.08 -0.25%

TONA Compounded Benchmarks

; TONA Averages
; TONA Index