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.

• Transition of Quoting Conventions in the JPY interest rate swaps market [PDF 304KB]
• (Reference) Report from the Sub-Group for the Development of Term Reference Rates (Meeting material of Aug. 13, 2021 Meeting) [PDF 611KB]

Inquiries

Market Infrastructure Division, Financial Markets Department

E-mail : post.fmd33@boj.or.jp