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  "domain": "money-market",
  "title": "TORF (Tokyo Term Risk Free Rate)",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "TORF (Tokyo Term Risk Free Rate)",
    "aliases": [
      "money-market/japan-torf-term-risk-free-rate",
      "japan-torf-term-risk-free-rate",
      "TORF",
      "Tokyo Term Risk Free Rate",
      "Term TONA",
      "東京ターム物リスク・フリー・レート",
      "ターム物RFR"
    ],
    "domain": "money-market",
    "type": null,
    "created": "2026-06-03",
    "last_updated": "2026-06-03",
    "last_tended": "2026-06-03",
    "review_by": "2026-12-03",
    "confidence": "likely",
    "tags": [
      "money-market",
      "TORF",
      "benchmark",
      "RFR",
      "TONA",
      "reference-rate",
      "term-rate"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://corporate.quick.co.jp/en/torf/",
      "https://www.torf.co.jp/en/designated/",
      "https://www.boj.or.jp/en/paym/market/jpy_cmte/index.htm",
      "https://www.fsa.go.jp/en/policy/libor/index.html",
      "https://www.boj.or.jp/en/statistics/market/short/mutan/index.htm"
    ]
  },
  "summary": "This entry sits under money-market index. Read it against TIBOR for the quote-based credit-sensitive contrast, Japan money-market benchmark reform (TONA) for how the JPY risk-free-rate complex was built, and the OIS TONA curve for the derivative inputs TORF is computed from. The supervisory anchor i",
  "headings": [
    "TORF (Tokyo Term Risk Free Rate)",
    "Wiki route",
    "TL;DR",
    "What TORF Measures",
    "TORF vs TONA vs TIBOR",
    "Why a Term RFR Was Needed",
    "Where TORF Fits in Cash Products",
    "Governance Context",
    "Reading Checklist",
    "JapanFG Relevance"
  ],
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