Tokyo FX turnover rebounds to $469 billion a day in April 2026
Tokyo FX turnover averaged $469 billion a day in April 2026, up from $440 billion in October 2025. Spot and outright forwards increased, while FX swaps remained the largest instrument category.
Tokyo foreign-exchange turnover averaged $469 billion a day in April 2026, recovering from $440 billion in October 2025, according to the Tokyo Foreign Exchange Market Committee’s historical workbook. The rebound also put activity above the $462.1 billion daily average recorded in April 2025, although the year-earlier comparison shows a more modest increase than the recovery from October.
Those three survey observations describe a decline followed by a rebound, rather than an uninterrupted expansion. April’s result was the highest of the three readings, but that limited history does not establish a sustained upward trend. The figures measure average daily transactions during each survey month, so the comparison is between daily trading rates rather than cumulative monthly volumes.
Spot and forwards rise as swaps remain dominant
Spot turnover increased to $126.2 billion a day from $110.4 billion in October, while outright forwards rose to $53 billion from $45.2 billion. FX swaps also increased, reaching $274.1 billion against $266.8 billion. They remained by far the largest instrument category, meaning the overall market continued to be dominated by swaps even as spot and outright forwards contributed to the recovery.
The increase was not uniform across products: currency swaps and FX options both recorded lower daily turnover than in October. The combination points to a broader pickup across the three larger instrument categories, rather than growth in every segment. It supports a judgment of increased transaction activity, but not a conclusion that liquidity improved: higher turnover alone does not establish easier execution or greater market depth.
Financial counterparties account for most activity
Turnover with financial institutions averaged $425.2 billion a day, while non-financial customer transactions averaged $43.8 billion. Both categories increased from October, and together they partition the overall total rather than add to it.
The survey covers reporting financial institutions in the Tokyo FX market. Its non-financial customer category includes transactions with FX margin dealers, so the $43.8 billion figure cannot be read as a retail-only trading measure or as customer balances.
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