Insights

Q3 2026

In preparation

The next issue covers this quarter: how the term structure moved, which spreads did the work, and how stable fixings were against their own history.

Published once it has been reviewed

Japanese yen money markets, explained

NihonRates is an independent publication covering the Japanese yen interbank market. We follow TIBOR and TONA closely and write about what moves them: how the term structure is shifting, where spreads are widening or compressing, and how stable fixings have been relative to their own history.

Latest Updates

  1. A change of direction: from rate tables to written analysis

    NihonRates has stopped displaying rate data. The current-rates tables, the historical chart, the implied forward calculator, the forward heatmap, and the JSON endpoints behind them are no longer made available. What remains, and what we will build on, are written analyses of the JPY money market.

    Why was this done? TIBOR and TONA fixings are published by the JBA TIBOR Administration and the Bank of Japan, respectively, under their own terms, and JBA TIBOR is officially announced through the providers JBATA authorizes. NihonRates was never one of those authorized providers - although there was a plan was to become one - and a mirror of official levels is both the least defensible thing we could publish and the least useful. Nobody needed a fourth-best copy of a number they can get from the source. What NihonRates can offer is the reading of it: what moved, how unusual that is against history, what the front end is doing relative to the back end, and what it suggests.

    What does this mean in practice? We still ingest the data every business day, maintaining our own databases of the rates. That work now feeds our own analysis rather than being exposed as a public table. Nothing on this site will show you an official fixing level; what it will show you is inferred data such as spreads, volatility, distributional context, and most importantly the arguments that drive the data.

    What’s next? Insights: we will be accelerating the work toward periodic issues covering a quarter of the JPY money market, reviewed by professionals that either work in or have an understanding of the Japanese money markets and similar domains, before publication. Our own calculations and methodologies behind every exhibit will be stated for reference. The two most recent issues will be available to subscribers, while each issue opens to every reader six months after publication.

    If you relied on the rate tables in your work, we are deeply sorry to take them away, and we would rather say plainly why than let them quietly degrade. For authoritative data, please visit JBATA, the Bank of Japan, or a licensed provider.

    For money market analyses, stay on NihonRates.

  2. Growing readership in Japan, US, and more

    Traffic analytics show a strong share of visitors from Japan, US and UK, amongst other countries. Thank you for reading. We’re continuing to improve the site.