On March 13, 2025, the open interest in OSE’s 3-Month TONA Futures surpassed 100,000 contracts, hitting a new record of 100,335 contracts. This achievement solidifies OSE’s position as the leading market for Japan Short-Term Interest Rate (STIR) futures globally, with the largest trading volume and open interest.
Rising Demand for Risk Management Amid Policy Shifts
For years, yen interest rates have remained at historically low levels. However, significant policy changes in Japan have shifted this trend. In March 2024, Japan removed its negative interest rate policy and abandoned its Yield Curve Control (YCC) strategy. Additionally, two rate hikes occurred in July 2024 and January 2025, signaling a change in the economic landscape.
As a result, demand for risk management tools has increased, with both domestic and international financial institutions seeking to hedge against potential future rate hikes. This growing demand has expanded the investor base for 3-Month TONA Futures.
Increased Participation Enhances Market Liquidity
The rising open interest in OSE’s 3-Month TONA Futures reflects the increasing number of market participants using these contracts for interest rate risk management. This influx of activity is contributing to enhanced market liquidity, making the market more accessible and dynamic.
Special Offer on Trading and Clearing Fees
In response to this growing interest, JPX is offering a 50% discount on trading and clearing fees for 3-Month TONA Futures until September 30, 2025. This limited-time offer aims to encourage further participation and engagement in the market.
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