Japanese trading conglomerate GMO CLICK has reported its foreign exchange (FX) volumes for the month ending January 2017 – the latest figures reflect a pullback in the first month of the calendar year on a month-over-month basis, per a GMO filing.

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During January 2017, GMO Click’s FX average daily trading volumes came in at ¥88.12 trillion ($778.8 billion), down 4.0 percent month-over-month from ¥91.82 trillion ($81.15 billion) in December 2016. The latest reading is the lowest since October 2016, which had experienced multiple months of consecutive growth.

The FX figures in January buck an industry trend, which had corresponded to higher volumes overall across most retail and institutional venues relative to December 2016. This was explained by an uptick in market volatility as well as the beginning of the Trump administration last month, which dictated several moves with the USD and JPY.