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  "domain": "derivatives",
  "title": "OIS TONA curve and JPY discounting",
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  "frontmatter": {
    "title": "OIS TONA curve and JPY discounting",
    "aliases": [
      "ois-tona-curve",
      "TONA OIS",
      "Tokyo Overnight Average Rate OIS",
      "JPY OIS curve",
      "yen overnight indexed swap",
      "TONA discount curve",
      "post-LIBOR JPY discounting",
      "JPY swap risk-free rate"
    ],
    "domain": "derivatives",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "derivatives",
      "OIS",
      "TONA",
      "JPY",
      "risk-free-rate",
      "IBOR-transition",
      "BoJ",
      "discount-curve"
    ],
    "status": "active",
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    "note": null,
    "sources": [
      "BOJ uncollateralized overnight call rate — https://www.boj.or.jp/en/statistics/market/short/mutan/index.htm",
      "BOJ yen benchmark committee — https://www.boj.or.jp/en/paym/market/jpy_cmte/index.htm",
      "FCA LIBOR wind-down — https://www.fca.org.uk/markets/transition-libor/benchmarks-regulation-powers-policy-decision-making",
      "JBATA TIBOR reform — https://www.jbatibor.or.jp/english/reform/",
      "JSCC IRS eligible products — https://www.jpx.co.jp/jscc/en/cash/irs/product.html",
      "JPX three-month TONA futures specifications — https://www.jpx.co.jp/english/derivatives/products/interest-rate/3m-tona-futures/01.html"
    ]
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  "summary": "A JPY overnight indexed swap (OIS) is an OTC interest-rate derivative in which one party pays a fixed rate over a defined tenor and the counterparty pays the geometric (compounded) average of the daily Tokyo Overnight Average Rate (TONA) over the same period. TONA is the BoJ-published volume-weighte",
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    "OIS TONA curve and JPY discounting",
    "TL;DR",
    "Wiki route",
    "TONA — The Underlying Rate",
    "Post-LIBOR Transition",
    "BoJ Policy-Rate Transmission",
    "OIS Curve Construction",
    "Swap-Rate Discount Curve for JPY-IRS",
    "Market Depth and Liquidity",
    "Public participant-data boundary"
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