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2026
Tokyo Financial Exchange to launch new futures contract tied to BOJ policy rate
Tokyo Financial Exchange said it will launch this month a futures contract tied to the Bank of Japan's unsecured overnight call rate, enabling traders to take positions on rate moves around BOJ policy meetings. The exchange said its existing three-month TONA futures no longer meet traders' hedging needs, noting September trading volume in those futures fell nearly 50% from a year earlier.
2026
Tokyo Financial Exchange to launch futures tied to BoJ's target overnight rate (TONA) for meeting-by-meeting positioning
The Tokyo Financial Exchange (TFX) is due to launch a new futures contract this month linked to the Tokyo Overnight Average Rate (TONA), the uncollateralised overnight rate the Bank of Japan targets, letting traders hedge or position for rate changes in the window between BoJ policy meetings. TFX said its existing three-month TONA futures do not isolate the outcome of a single meeting and no longer meet traders' needs as the pace of BoJ policy changes has picked up; volume in the three-month contract fell nearly 50% year-on-year in September.