TONA
- Japanese
- TONA
- Also known as
- TONAR, Tokyo Overnight Average Rate
- Last reviewed
- September 25, 2026
This is a draft, shown for review before publication.
TONA (Tokyo Overnight Average Rate) is a benchmark rate that the Bank of Japan publishes every business day as the volume-weighted average rate on funds that financial institutions borrow from each other today without collateral and repay the next business day. As the risk-free rate for the Japanese yen, it is used for OIS and for floating rates compounded in arrears.
Related terms
Explained in detail
Pages that use this term
- The Multi-Curve Framework
- Japanese Exchanges and Listed Products
- Interest Rate Futures
- Interest Rate Swaps
- Overnight Index Swaps (OIS)
- Basis Swaps
- Caps and Floors
- Swaptions
- What Is a Benchmark Rate?
- TORF
- TIBOR
- SOFR
- €STR and SONIA
- Compounding in Arrears
- Lookback, Lockout and Payment Delay
- The Transition from LIBOR
- Fallbacks and Spread Adjustments
- Covered Interest Parity and FX Forward Points
- Collateral and Discounting
- Lifecycle Event Processing
- Mandatory Clearing
- Electronic Trading Platform Mandate
- Clearing, Reporting, and Trade Execution Requirements