According to information obtained by Forex Magnates, trading volumes at the second biggest Japanese brokerage, DMM Securities, skyrocketed by almost 50% in October. After a more than healthy rise in trading activity in September, this is the third straight month of increases for the brokerage and the highest figure since July 2013.
Customers of the brokerage have massively engaged the vibrant foreign exchange market to contribute a total of $839.5 billion in October.
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The second major batch of monetary policy easing measures announced by the Bank of Japan on the last trading day of the month have most certainly contributed to this spectacular rise in trading volumes.
The biggest Japanese brokerage, GMO Click, also announced its October volume metrics today, marking a new record high for the company in Japanese yen terms and surpassing the $1 trillion mark in US dollar terms.
The Japanese yen has depreciated by almost 5% since the Bank of Japan’s announcement last Friday, contributing in a major way to rapidly increasing trading, and opening the door for the continuation of the positive trend in volume metrics of Japanese brokers next month.