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.

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] This article related to macroeconomics is a stub.