FX volumes as the Tokyo Financial Exchange (TFX) soared during April. During the month, total FX Click 365 trading volume was 6,963,833, a 39.1% increase from March, and 30.5% from the same period last year. Average trading volume at the venue was 316,708 contracts. Monthly volume figures surpassed February’s record volume by 0.8%, although on an average daily basis April’s numbers trailed by 8.5%.

Japanese trading volumes have been on fire in recent months due to renewed volatility in the Yen as a result of easing policies from the Bank of Japan. While activity declined somewhat in March, April’s figure conveys that market interest remains strong. Japanese brokers have reported that the recent moves have not only triggered record volumes but also led to more interest from the general population; thus driving new account openings higher. With the new base of clients, as long as Yen volatility remains even close to its recent levels, volumes are expected to remain strong. The TFX figures bode well for Japanese brokers, who as of the end of Q1 2013 had grabbed the top three spots among Forex Magnates global retail forex volume survey.

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In individual contracts, the USDJPY was the most heavily traded instrument (see chart below), while the AUDJPY had a nice month and nearly retook the number two spot among most active forex pairs. The return of interest to commodity currency crosses such as the AUDJPY and NZDJPY reverses several months of underperformance in volumes.