Risk-free rate

Japanese

リスク・フリー・レート

Also known as

RFR

Last reviewed

September 25, 2026

This is a draft, shown for review before publication.

A risk-free rate (RFR) is a benchmark rate that contains almost no bank credit risk. For the Japanese yen, the Study Group on Risk-Free Reference Rates identified TONA (Tokyo Overnight Average Rate), which the Bank of Japan calculates and publishes, as the yen RFR in 2016.