TORF is one of the alternative interest rate benchmarks based on the uncollateralized overnight call rate which involves almost no credit risk of financial institutions. It calculates the interest rate from derivative transaction data for a period of one, three and six months (Replaced JPY LIBOR, which ceased to be published at the end of 2021).
TORF is administered and published by QUICK Benchmarks Inc (QBS) on each Tokyo business day at around 17:00 JST (Japan Standard Time), two business days prior to the commencement of the relevant interest period.
 
TORF Data is available at the following address:
Home | QUICK Benchmarks Inc. (QBS) (torf.co.jp)
 
A Credit Spread Adjustment (CAS) has been incorporated to adjust (increase) the TORF rate interest, to compensate for the calculation methodology differences between the LIBOR and TORF (a risk-free rate).
In case Term TORF is less than zero, then Term TORF shall be deemed to be zero for the particular interest period.
In case Term TORF plus CAS is less than zero, then Term TORF plus CAS shall be deemed to be zero for the particular interest period.