Tokyo, 8 October 2026 – Tokyo Financial Exchange is expanding its short-term interest-rate product range as a more active Bank of Japan creates greater volatility in yen funding markets. The exchange plans new one-month Tokyo Overnight Average Rate futures and contracts tied to individual central-bank meetings, providing banks, asset managers and corporate treasurers with more precise tools to hedge changes in policy expectations.
The initiative follows the end of Japan’s negative-rate era and a broader normalisation of monetary policy. Three-month TONA futures were introduced in 2023, one year before the central bank ended negative rates. As policy decisions become less predictable and the overnight rate carries more market information, demand is growing for instruments that isolate exposure to specific periods and meetings.
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