The Bank of Japan is the central bank of Japan based on the Bank of Japan Act, and is not a government agency or a private corporation. 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. This is the base rate, the interest which is charged when banks which are part of the system provide one another with loans with a short maturity, usually a maturity of 1 day (overnight). With this base rate the Bank of Japan can influence the money supply and thus bring interest rates to a level close to the required rate.
Key Features and Coverage on RIMES
For this data source, RIMES hosts the Muton – Uncollateralized Overnight Call Rate, a money market index, and data items that include:
- Last Price Date, Maximum Rate, Minimum Rate, Series Value, and Total Return (RIMES calculated).