The Tokyo Financial Exchange (TFX) has issued its September volume date. During the month, trading in its Click365 exchange-traded FX product fell 9.4% from August to 3,003,319 contracts. The September volumes were also 7.7% below the same period last year in 2012, marking the first month in 2013 not to experience year over year growth. Overall, the figures marked the lowest activity for Click365 volumes since December 2008. In individual crosses, the USDJPY led all forex pairs with 1,157,998 contracts traded, followed by the AUDJPY and EURJPY.

In regards to the overall Japanese market, it is too early to tell whether similar volume declines were experienced among OTC FX brokers. Even during its peak periods of trading this year, Click365 volume were below figures from 2010 and 2011, as Japanese exchange FX traders have been steadily migrating towards OTC FX products. As such, September’s decline at the TFX may have more to do with the overall rotation away from Click365 trading, than a drop in Japanese FX trading.

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