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
editJapanese 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
edit
| 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
edit- 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
edit- ^ Interest Rate Benchmark Reform (Preparedness for the Discontinuation of LIBOR) : 日本銀行 Bank of Japan
- ^ "LIBOR: Where Things Now Stand | Insight | Baker McKenzie". www.bakermckenzie.com. Archived from the original on 2017-12-03.
- ^ a b "EXPLAINER-What is SOFR? The new U.S. Libor alternative". Reuters. 3 April 2018.
- ^ BOJ's Main Time-series Statistics
- ^ Report on the Identification of a Japanese Yen Risk-Free Rate - Study Group on Risk-Free Reference Rates - Bank of Japan
- ^ "Libor Reform – What You Need to Know". 26 September 2017.
- ^ "Libor Enters 'Final Chapter' as Global Regulators Set End Dates". Bloomberg.com. 5 March 2021. Retrieved 10 March 2021.
- ^ LIBOR Transition | Japanese Bankers Association
- ^ JBA TIBOR Reform | JBA TIBOR
- ^ 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
- ^ Changes in the Monetary Policy Framework - Bank of Japan
- ^ 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
- ^ a b TONA Averages & TONA Index | QUICK
External links
edit- Daily TONA rate - Bank of Japan
- Monthly TONA rate - Bank of Japan
- TONA Averages & TONA Index - QUICK Corp
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