The current Japanese top interest rate, termed the base rate, is 0.10 and their overnight rate is called the Call Rate, an unsecured loan market where rates are decided by bids and offers between 17 bankers inside Japan, with a 12:00 noon published Tokyo time release (Japanese Bankers Association). The actual rate is reported at 11:00 a.m. Tokyo time, 10:00 p.m. eastern time, and two hours after the Tokyo Stock Exchange opens (or one hour depending on daylight savings time) but the number filters through the world by 12:00 noon Tokyo time and is reported on the JBA site at 12:00 noon (Japanese Bankers Association).

This unsecured Call loan market is provided for TIBOR, the Tokyo Interbank Offered Rate, to factor unsecured loans ...

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