Japan retail FX turnover rebounds in September 2026 as open positions fall
FFAJ members reported September retail FX turnover of JPY 1,227.19 trillion and month-end open positions of JPY 11.72 trillion. Activity rebounded from August, while outstanding positions declined.
Japanese OTC retail margin FX trading volume reached JPY 1,227.19 trillion in September 2026, while month-end open positions fell to JPY 11.72 trillion, according to the Financial Futures Association of Japan. The reporting members recorded a sharp rebound in monthly trading activity from August, but that increase was not accompanied by a larger stock of positions at the end of September.
Turnover rose from JPY 825.72 trillion in August and exceeded September 2025’s JPY 952.75 trillion. It was also the highest monthly reading between September 2025 and September 2026, narrowly surpassing October 2025’s JPY 1,221.35 trillion. The rebound followed an August decline, rather than extending an uninterrupted recovery: activity had risen in July after reaching JPY 667.56 trillion in June.
Open positions followed a different path. September’s month-end balance was below August’s JPY 12.16 trillion, reversing the steady monthly increases recorded from December 2025 through August 2026. Nevertheless, outstanding positions remained above the JPY 9.92 trillion recorded a year earlier. The monthly decline therefore interrupted a sustained buildup without returning the balance to its September 2025 level.
USDJPY dominates the turnover rebound
USDJPY accounted for the bulk of September trading, reaching JPY 1,108.57 trillion compared with JPY 712.07 trillion in August. This is a breakdown of the same monthly total, not additional activity. AUDJPY remained the second-largest reported pair, followed by GBPJPY and EURJPY; all three recorded higher turnover than in August. The increase was not uniform across the listed pairs, however: EURUSD and MXNJPY volumes declined.
The central signal is a rebound in transactions rather than a parallel expansion in outstanding positions. For the reporting members, substantially more volume passed through the market during September even as fewer positions, measured by their yen value, remained open at month-end. That distinction matters when assessing activity: turnover and outstanding positions describe different aspects of the market, and neither establishes trader profitability or improved liquidity. These figures cover FFAJ members’ Japanese OTC retail margin FX business, not all Japanese or global FX trading.
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