NihonRates

Operator

NihonRates is operated by Arx Engineering. Questions: www.arxeng.com/contact.

What this site publishes

NihonRates publishes analysis. What you read here is our own commentary and our own derived measurements—changes, spreads, volatility, distributional context—written about the JPY money market. It is not a reproduction of the official TIBOR or TONA fixings, and it is not intended to substitute for them.

We do not publish official fixing levels, tenor grids, downloadable series, or any interface returning rate data. If a figure originating with a source body appears in our commentary, it is an occasional attributed reference in support of a point, not the product.

Permitted use

You may read this site, quote from it with attribution and a link, and rely on it as one input among others in your own thinking. That is what it is for.

Official TIBOR and TONA fixings remain governed by the JBA TIBOR Administration and the Bank of Japan under their own terms of use, which apply to you independently of these Terms. JBA TIBOR is officially announced by JBATA-authorized information providers (Refinitiv, QUICK, Jiji Press, Bloomberg, and Nomura Research Institute); NihonRates is not one of them. If you need authoritative data for production systems, contracts, valuation, or redistribution, obtain it from those providers, from the source bodies, or through a properly licensed vendor. Nothing here is a substitute for that, and we do not present it as one.

Relationship to source terms

NihonRates is a downstream reader of publications by the JBA TIBOR Administration and the Bank of Japan. Those bodies publish their own terms of use, which we do not override and which continue to apply to material originating with them. Where these Terms and a source body's terms differ in respect of source material, the source body's terms prevail.

No data feed

There is no API, no export, no machine-readable endpoint, and no data licensing arrangement on offer here. This is deliberate rather than a gap awaiting a paid tier: we are not a data vendor and are not positioned to become one. Requests for programmatic access to official fixings should go to the source bodies or an authorized information provider.

Automated access and service integrity

This site runs on modest infrastructure. To keep it available to everyone, you may not, without prior written permission from Arx Engineering:

• use bots, scrapers, crawlers, scripts, or similar automated means to harvest the site in bulk, or at a volume or rate that degrades service for other readers;
• republish our analysis, exhibits, or issues wholesale, whether verbatim, translated, or lightly paraphrased, in place of linking to them;
• circumvent or attempt to circumvent access controls, subscription gating, rate limits, or other technical measures;
• resell, sublicense, or commercially redistribute our published content or the derived figures within it.

These are conditions of access to our own work. They are not an assertion of ownership over official TIBOR or TONA fixings—those are facts published by the source bodies, and you are free to obtain them from JBATA, the Bank of Japan, or an authorized information provider directly. We could not grant you rights over official data in any event.

Subscriptions and archived issues

Some issues are available to subscribers first and become freely readable after a period stated on the issue itself. Subscription terms, including price, billing, and cancellation, are presented at the point of purchase and form part of these Terms once you subscribe. A subscription buys access to our analysis; it does not license the official data underlying it, and it does not confer any right to redistribute what you read.

We may change limits, block abusive traffic, or suspend access without notice when we reasonably believe these Terms are violated or the service is at risk.

Intellectual property

Our commentary, analysis, derived measurements, exhibits, methodology documentation, site design, code, and page copy are our own work and are protected by applicable intellectual-property laws. We claim no proprietary right in the underlying official TIBOR or TONA fixings; rights in that material rest with the JBA TIBOR Administration, the Bank of Japan, and other rights holders. TIBOR, TONA, and related marks belong to their respective owners and are used here descriptively.

Disclaimer incorporated

Everything published here is informational commentary only. The Disclaimer (benchmark regulation, no contractual use, accuracy, liability) is incorporated by reference.

Changes

We may update these Terms. Material changes will be reflected in the last-updated date below. Continued use after changes constitutes acceptance.

Last updated: 2026-07-25