Tokyo Financial Exchange’s published schedule sets October 19, 2026 for one-month TONA futures and BOJ Meeting TONA futures, alongside a waiver of the exchange’s ¥100-per-lot fee. The announcement concerns contract availability and exchange charges—not a forecast of Japanese interest rates.
TONA is the Tokyo Overnight Average Rate. These contracts provide two different ways to express exposure to that overnight-rate benchmark: a calendar-month average or a period linked to Bank of Japan policy meetings. They should not be treated as interchangeable.
The fee waiver and the two contract periods
| Measure or question | Verified detail and primary source |
|---|---|
| Published schedule | October 19, 2026 listing and fee-program start, as stated in the October 13 notice. TFX announcement. |
| Waiver scope | ¥100 per lot in exchange fees; covered member house/customer transactions include block and strategy trades. No application is required. TFX fee-program terms. |
| Program end | March 31, 2027, through the end of the day session at 15:30 JST. TFX period and cutoff. |
| One-month contract | Underlying: monthly average of TONA. Quoted as 100 minus the rate; cash settled. TFX one-month specifications. |
| BOJ Meeting contract | Underlying: compounded daily TONA over the defined period between designated policy-meeting dates; cash settled. TFX meeting-contract specifications. |
What a price change means
Both specification pages give a ¥2,500 value for a one-basis-point move, corresponding to a 0.01 change in the quoted futures price. A basis point is one hundredth of a percentage point. The listed minimum price increment is 0.001, worth ¥250 per contract.
For illustration only, a 0.01 price change has ten increments of 0.001; ten multiplied by ¥250 equals ¥2,500. This explains the contract scale. It is not an observed quote, a profit calculation for an actual position or a statement about margin requirements.
Because the quotation subtracts the rate from 100, a higher referenced rate corresponds to a lower quoted price, other things equal. A trader still needs to check the exact contract period, position direction and intermediary’s terms.
What the notice does not establish
The fee waiver is for exchange fees; it does not state that brokerage or every other trading cost disappears. Nor does a scheduled launch establish that a particular account can trade, that orders have executed or that a deep market exists.
CapKet has not verified first-day execution, volume, open interest or a live contract quote. This report therefore describes the exchange’s published schedule and specifications, without presenting the scheduled launch as measured trading activity. For a related distinction, see CapKet’s explanation of futures volume and open interest.
Recorded source observation: . This is a source-check timestamp, not a market quote or a new article update.