Launch of TONA futures ‘could bolster yen term risk-free rate’

New Tokyo Overnight Average products could be used in TORF waterfall, says benchmark provider

Yen RFR

Futures linked to Japan’s Tokyo Overnight Average (TONA) rate, which are due to be launched next year on the country’s two principal exchanges, could provide an additional source of data for calculating the Tokyo Term Risk Free Rate (TORF), according to the firm that publishes the benchmark.

On October 5, the Osaka Exchange announced that in May 2023 it would begin listing three-month interest rate futures contracts linked to a daily compounded TONA. OSE is the second exchange to announce the

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