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.
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]
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] |
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.
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]
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] |