Japanese over the counter (OTC) margin trading figures for January are out as the Financial Futures Association of Japan (FFAJ) has published its latest monthly figures. During the month, trading volumes were 661.9 trillion yen (approximately $5.61T). Volumes increased nearly 3.2% from December, when total Japanese volumes were reported at 641 trillion yen.
Volumes were composed of 48 out of 57 registered OTC forex brokers who reported their January figures to the FFAJ. Of the over $5.61 trillion in activity, trading in Japan was led by DMM Securities which reported over $1 trillion in volumes during January. The activity at DMM Securities marked the second month in a row that DMM Securities has held the top spot as the largest global retail forex broker by volume, overtaking GMO Click Securities in December.
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The increase marks six months in a row of rising volumes following activity in Japan bottoming at 168.9 trillion yen in July 2014. Volumes in Japan have been buoyed by a rise of Japanese yen volatility following the Bank of Japan’s decision to increase economic stimulus activities. Overall, even with the industry being limited by 25:1 leverage, volumes in Japan are well above the rest of the world due to forex trading being the leading asset class traded in the country as well as tight spreads provided by local brokers.
(correction: A previous version of this article reported that volumes grew by 25%. That was based on comparing the FFAJ totals to a different Japanese report from December which uses a different calculation for reporting volumes. The current article reflects FFAJ January volumes versus their 2014 figures)