News File

Working Group on Revitalizing TONA Futures Market

12 Jun, 2026

１． Purpose

　TFX was established in 1989 as an interest rate futures exchange with capital contributions from major Japanese banks, and since has maintained JPY short-term interest rate futures market for 37 years. TFX listed 3-month TONA futures in March 2023 and has been working to maintain and revitalize the STIR futures market as part of its mission.
　The Working Group studied domestic and international market conditions about interest rate futures, then discussed how to revitalize the TONA interest rate futures market to facilitate the overall yen interest rate market and promote the internationalization of the yen.


２． Date and Time

　1st session 2026/4/14 16:00-17:30
　2nd session 2026/5/19 16:00-17:30


３． Participants

　Trading Members of TFX participated in the Working Group. The Financial Services Agency’s Planning and Markets Bureau attended as an observer.


４． Summary of Minutes

  • ・ Participants confirmed that TONA interest rate futures constitute an important and indispensable component of the yen interest rate market.
  • ・It was confirmed that the TONA Interest Rate Futures market is becoming increasingly important as a tool for managing interest rate risk, and that participating companies will work on a best-effort basis to revitalize the market.
  • ・ It was agreed to consider the listing of 1-month TONA Interest Rate Futures and BOJ meeting TONA Interest Rate Futures.

※ The meeting minutes are not disclosed.

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