Wikipedia defines TONAR as "Tokyo Overnight Average Rate".

The official Bank of Jappan website mentions TONA, rather than TONAR.

I suspect the two, TONAR and TONA, are in fact two terms referring to the same rate, but I just wanted to double check here: hoping for someone knowledgeable of the Japanese market to confirm.


1 Answer 1


This document from Japanese bank Mitsubishi UFJ states they are one and the same rate, see page 3 $-$ my emphasis:

TONAR (Tokyo Overnight Average Rate), the RFR for JPY also called TONA, is a pre-existing rate.


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