Volume Survey

Results of Turnover Survey of Tokyo Foreign Exchange Market

January 29, 2024
(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 October 2023 (see attached tables).

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 October 2023 remained almost flat compared with the previous survey which covered transactions in April 2023. By trading instrument, turnover increased in spot transactions and currency swaps but decreased in FX swaps and forward transactions.


Tokyo Foreign Exchange Market Committee
INOUE Yoshiyasu, Mr. (Fixed Income Division, Morgan Stanley MUFG Securities Co., Ltd.)
Phone: 81-3-6836-6264

Sub-Committee on Market Research
SUZUKI Yasutada, Mr. (Trading Department, Sumitomo Mitsui Banking Corp.)
Phone: 81-3-6706-8116

Tokyo Foreign Exchange Market Committee
SAKURA Kenichi, Mr. (Financial Markets Department, Bank of Japan)
Phone: 81-3-3277-3543


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 30th 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
  • UBS AG
  • 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
  • SBI Shinsei Bank
  • Standard Chartered Bank
  • Citigroup Global Markets Japan

Past Survey(PDF Download)

Historical data

Historical volume data in Excel format (xlsx)