Volume Survey

Results of Turnover Survey of Tokyo Foreign Exchange Market

July 26, 2022
(Tokyo Foreign Exchange Market Committee)


The Tokyo Foreign Exchange Market Committee (TFEMC) today released the results of its Turnover Survey of Tokyo Foreign Exchange Market covering transactions in April 2022.

The TFEMC conducts the survey in order to provide market participants with developments in the Tokyo foreign exchange (FX) market in an appropriate and timely manner, thereby contributing to the sound growth of the market. In conducting the survey, the Financial Markets Department of the Bank of Japan provides technical assistance in collecting and processing the data of respective respondents.

Turnover in April 2022 increased compared with the previous survey which covered transactions in October 2021. By trading instrument, turnover increased in spot transactions, forward transactions, FX options and currency swaps.

Starting from this round of the survey, the TFEMC publishes the turnover by settlement method.


Tokyo Foreign Exchange Market Committee
INOUE Yoshiyasu, Mr. (Global Markets Sales and Trading Division, MUFG Bank, Ltd)
Phone: 81-50-3844-3153
E-mail: yoshiyasu_inoue@mufg.jp

Sub-Committee on Market Research
ISHIBASHI Masaru, Mr. (Trading Department, Sumitomo Mitsui Banking Corp.)
Phone: 81-3-6706-8303
E-mail: Ishibashi_Masaru@dn.smbc.co.jp

Tokyo Foreign Exchange Market Committee
SHIMIZU Yuki, Mr. (Financial Markets Department, Bank of Japan)
Phone: 81-3-3277-3543
E-mail: yuuki.shimizu-1@boj.or.jp


The TFEMC actively conducts the turnover survey on the FX and OTC derivatives markets. The survey was conducted annually until 2011, covering FX transactions in April. From 2012, the survey has been conducted semiannually—in April and October—in order to grasp market developments in a more timely manner. This is the 27th survey since its inception in 2006.

Similar surveys are conducted and released by overseas FX market committees in London, New York, Singapore, Hong Kong, Sydney, and Canada.

Reporting Financial Institutions

Bank of America
MUFG Bank, Ltd
Barclays Bank PLC
BNP Paribas
Citibank, N.A., Tokyo Branch
Credit Agricole CIB
Deutsche Securities
Goldman Sachs Securities
J.P. Morgan Chase Bank
Mitsubishi UFJ Trust and Banking Corporation
Mizuho Bank
Nomura Securities
NatWest Markets Securities Japan, Ltd
Societe Generale
State Street Bank and Trust Company
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank
Australia and New Zealand Banking Group
Bank of New York Mellon
Commerzbank AG
Hongkong and Shanghai Banking Corporation
Morgan Stanley MUFG Securities
Nomura Trust and Banking
Norinchukin Bank
Resona Bank
Shinsei Bank
Standard Chartered Bank
Citigroup Global Markets Japan

Past Survey(PDF Download)

Historical data

Historical volume data in Excel format (xlsx)