TONAR

Tokyo Overnight Average Rate (TONAR) is an unsecured interbank overnight interest rate and reference rate for Japanese yen.[1][2]

History

Since 2016, the Bank of Japan has recommended TONAR as the preferred risk free reference rate.[3]

TONAR is recommended as a replacement for yen LIBOR, which is being phased out at the end of 2021.[2][4]

References
  1. "LIBOR: Where Things Now Stand | Insight | Baker McKenzie". www.bakermckenzie.com. Archived from the original on 2017-12-03.
  2. "EXPLAINER-What is SOFR? The new U.S. Libor alternative". Reuters. 3 April 2018.
  3. "Libor Reform – What You Need to Know". 26 September 2017.
  4. "Libor Enters 'Final Chapter' as Global Regulators Set End Dates". Bloomberg.com. 5 March 2021. Retrieved 10 March 2021.


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