Basis swap

Japanese

ベーシス・スワップ

Last reviewed

September 25, 2026

This is a draft, shown for review before publication.

A basis swap is an interest rate swap in which two parties, on the same notional amount, exchange interest at two floating rates that differ in reference rate or tenor. In Japanese yen, examples include exchanging compounded TONA for TIBOR and exchanging TIBOR of different tenors, such as 3-month and 6-month.