TONAR
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. Mutan rate and TONA rate are the same things.
01History
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.
02Target rates
| 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% |
| 2024.08 - | 0.25% |
03TONA Compounded Benchmarks
- TONA Averages
- TONA Averages are derived from the daily compounded TONA rate. The terms are 30day, 90days, and 180 days.
- TONA Index
- Assets when 100 was invested in TONA on June 14, 2017.
Sources and credits
This article is adapted from the Wikipedia article “TONAR”, written by its contributors and licensed under CC BY-SA 4.0. Fathomly has changed the layout, removed citation markers, navigation and maintenance notices, and adjusted punctuation. This adapted version is shared under the same license. For references, see the original article.
Images, from Wikimedia Commons:
- Uncollateralized Overnight Call Rate Japan.svg by Monaneko, CC BY 3.0
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