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OSE's 3-Month TONA Futures achieved an open interest milestone of 100,000 contracts, reaching 100,335 contracts on March 13, 2025. OSE's TONA is a leading Japan STIR futures market among world exchanges, with the largest trading volume and open interest.
Since the late 1990s, yen interest rates have remained at historically low levels. However, following the removal of negative interest rates and the abandonment of Yield Curve Control (YCC) in March 2024, along with two policy rate hikes in July 2024 and January 2025, JPY interest rates are once again moving. As demand for risk management grows in response to potential future monetary policy changes, more domestic and international financial institutions are entering the market to hedge against further rate hikes, expanding the investor base.
The growing open interest in OSE’s 3-Month TONA Futures reflects the increasing number of market participants using the measure for interest rate risk management, further enhancing market liquidity.
JPX is currently offering a 50% discount of trading and clearing fees for 3-Month TONA Futures until September 30, 2025.
The open interest expansion of OSE's 3-Month TONA Futures
JPX offers multiple interest-rate products for risk management tools to meet the demands of many types of investors.
10-year JGB Futures
Global market participants are actively trading OSE's 10-year JGB Futures under the current market environment, and its monthly trading volume recorded JPY 160.7 trillion (USD 1.07 trillion) in June 2024, the highest level since June 2007.
JPY Interest Rate Swaps
JSCC-cleared JPY IRS reached the largest-ever monthly clearing volume of JPY 1,060 trillion (USD 7.07 trillion) in December 2024, bringing the 2024 annual to JPY 8,272 trillion (USD 55.15 trillion), both all-time highs.
OTC Japanese Government Bonds
JSCC-cleared OTC Japanese Government Bonds reached the largest-ever monthly clearing volume of JPY 5,928 trillion (USD 39.52 trillion) in July 2024, bringing the 2024 annual to JPY 61,226 trillion (USD 408.17 trillion), both all-time highs.
- ･USD amounts are converted at an exchange rate of 1 USD = 150 JPY.
