The world of Yen Interest Rates and FX is comprised of more types of interest rates and FX products than you might generally expect. We have IR swaps linked to Tokyo Over Night Average Rate (TONA), domestic Tokyo Interbank Offered Rate (TIBOR), EuroYen Tibor, SOFR/TONA cross currency basis, and related tenor and index basis. There is even a basis between swaps at different clearing houses (JSCC vs LCH). The dynamics of these rates differ significantly as we traverse the curve from the short end to the long end. The short-end is impacted by factors like the BOJ policy, demand/supply in FX swaps, turns, funding and carry whereas the long-end by factors such as demand/supply, RV, domestic and cross border issuances, asset swaps, clearing exposures and many more. Besides linear derivatives, there also exist volatility products in both Yen rates (Swaptions, Caps, Floors) and related FX markets (FX Options). Our brokers bring markets in all these products to dealers and facilitate efficient price discovery and trade execution. Tullett Prebon Japan’s brokers maintain and publish curves for these products in real-time. The Yen Rates market migrated to a brand new set of products since the cessation of JPY Libor. Tenor Libor basis, Libor cross currency basis and Libor basis swaps have all been replaced with a new generation of RFR TONA Swaps and related basis. With this backdrop, Tullett Prebon Japan is proud to announce the launch of a brand new page this November for all its businesses in Japan. This page will be launched on Bloomberg and has a build out of 66 new curves accessible via 130 nodes in the menu. This includes display and publication of snapshots of relevant curves at important time-markers during the trading day. The new page < TPJP ><GO> will be live in November with all relevant Tickers codes at your disposal. All rates will be updated in real-time and reflect the demand supply in interdealer markets.
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