GMO Click has reported its latest monthly trading volumes figures. During the month of July, the company posted a decline in activity on the company’s retail forex trading FXNeo platform. The number marked a multi-year low of ¥66.2 trillion ($600 billion).

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Despite the relatively high nominal figure when compared to the rest of the industry, the Japanese brokerage actually marked its slowest month since August 2014. While FX volatility picked up in July somewhat, it didn’t materially affect trading volumes in Japan. Several brokerages already reported their trading volumes for the month with Monex and Kabu both posting declines.

July’s trading volumes on GMO Click’s FXNeo platform were lower by 12.5 percent month-on-month. Seasonal factors during the month of July have been in play across the industry since the beginning of June. Typically slow summer months have been particularly slow in Japan in 2017.

GMO Click’s retail trading volumes also declined 43 percent when compared to the same month last year. The decline can be largely attributed to special factors, most notably the aftermath of the Brexit vote in the UK in June 2016. Traders have been enjoying much higher volatility last year with the British pound pairs driving higher trading volumes.

GMO Click’s Click 365 exchange traded product registered a monthly increase in the total volume of contracts traded. The figure stood at 430,726 contracts, which is higher by almost 4 percent month-on-month but lower by 24 percent year-on-year.

The biggest retail FX brokerage by trading volume in the world has been registering a decline in trading volumes for most of the year. After peaking out at over $1.2 trillion in January, trading volumes have halved in US dollar terms and declined even sharper when calculated in Japanese yen.