With the Forex Magnates Tokyo Summit coming up soon, Japanese brokers are solidifying their hold as the top destination for FX trading. Last week we saw record volumes being reported in April from GMO Click, the world’s largest retail forex broker by volume. Also, in our most recent published Q1 Forex Industry Report, the top three brokers by volume were Japanese, with GMO Click being followed by DMM Securities and CyberAgent FX. Following those results, Monex Group has posted their April trading metrics.
During the month, FX trading in Japan averaged nearly $2.5 billion per day, for a record total of monthly volume of around $52 billion. Average daily volumes in April were 91% above March’s figures and 37.5% above the previous record established in February. When compared to 2012, the volume figures look even more impressive as 2013 averages have tripled trading from last year (see chart).
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Total global volumes at Monex during April totaled $79.9 billion for the month. Non-Japanese units, which consist of brokers IBFX and Tradestation, saw total April volumes of around $27.4 billion, which was 17% below March’s figures. As a result of the surge in Japanese volumes versus the decline elsewhere, trading activity from that country now composes a majority of Monex’s forex volumes. Explaining the success in volume in Japan, a Monex spokesperson told Forex Magnates “The main driving force is the volatility of the JPY more than anything else. Also, the recovery of the equity markets might have added risk appetite to Japanese retail clients more than our clients elsewhere.”