TONAR
Tokyo Overnight Average Rate (TONA rate or TONAR) or Japanese Yen Uncollateralized Overnight Call Rate (Japanese:
History[edit]
Japanese 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] |
TONA Compounded Benchmarks[edit]
- TONA Averages
- TONA Averages are derived from the daily compounded TONA rate. The terms are 30day, 90days, and 180 days.[12]
- TONA Index
- Assets when 100 was invested in TONA on June 14, 2017.[12]
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
- ^ 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