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]

References
  1. https://www.bakermckenzie.com/en/insight/publications/2017/11/libor-where-things-now-stand
  2. https://www.reuters.com/article/usa-bonds-sofr/explainer-what-is-sofr-the-new-u-s-libor-alternative-idUSL1N1RB0KF
  3. https://www.clarusft.com/libor-reform-what-you-need-to-know/
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