In Japan, Osaka Exchange and Tokyo Financial Exchange list three-month interest rate futures on TONA compounded daily over three months and annualized. Final settlement is cash settlement of the difference between the traded price and the final settlement price, which is 100 minus the rate actually set.
Because the price is quoted as 100 minus the rate, the price falls when the rate rises. Consider a hypothetical example in which you sell one contract at 99.000 (a 1.000% rate). If the rate is set at 1.500%, the price becomes 98.500, the seller gains 50bp and the buyer loses the same amount. For three-month TONA futures, 1bp is worth 2,500 yen per contract.