Mutan rate

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The Mutan interest rate is the Uncollateralised Overnight Call Rate in Japan. It is the reference rate for JPY overnight unsecured transactions in the Japanese market. It was launched in April 1996 and it is the main tool for the transmission of the Bank of Japan's monetary policy.


Bank of Japan publishes a provisional rate, rounded to three decimal places,[1] every business day around 17:15 JST (or 18:15 JST for the last business day of the month).[2] A final result is published the following business day around 10:00 JST. The results published contain weighted-average, highest, and lowest rate during the business day.[3]

See also[edit]


  1. ^ "Change in the smallest tick in uncollateralized overnight call rate". Bank of Japan. 6 September 2001. Retrieved 25 June 2012. 
  2. ^ "Revision of the publication of "Uncollateralized overnight call rates (average)". Bank of Japan. 6 September 2002. Retrieved 25 June 2012. 
  3. ^ "Release of the Data Related to the Bank's Operations and Uncollateralized Overnight Call Rate". Bank of Japan. 6 May 2004. Retrieved 25 June 2012. 

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