Skip to main content

Release of the Transition of Quoting Conventions in the JPY interest rate swaps market ("TONA First")

July 26, 2021
Bank of Japan

The Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks released a statement on "TONA First," an initiative to recommend liquidity providers -- including cases in which trading takes place via interdealer brokers -- to change the quoting conventions from Japanese yen (JPY) LIBOR to TONA in the JPY interest rate swaps market on July 26, 2021.

For more information, please refer to the following page.


Market Infrastructure Division, Financial Markets Department

E-mail :