Developments in and Characteristics of Japan fs FX Market: An Analysis Based on the 2025 BIS Triennial Central Bank Survey

Kenjiro Kataoka, Mashu Namiki, Masabumi Shimada and Yoshihiro Takada
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Kenjiro Kataoka: Bank of Japan
Mashu Namiki: Bank of Japan
Masabumi Shimada: Bank of Japan
Yoshihiro Takada: Bank of Japan

No 26-E-8, Bank of Japan Review Series from Bank of Japan

Abstract: In response to the announcement of U.S. reciprocal tariffs in April 2025, the foreign exchange (FX) market experienced rapid fluctuations. This paper aims to analyze the structural characteristics of transactions in Japan's FX market, based on the results of the Triennial Central Bank Survey conducted by the Bank for International Settlements (BIS) in April 2025. The analysis considers various perspectives such as instrument, currency, and counterparty. Additionally, this paper examines the factors driving FX turnover in Japan, comparing it to other FX markets in Asia.

Keywords: Foreign exchange; Turnover; Market structure (search for similar items in EconPapers)
JEL-codes: F31 G12 G15 (search for similar items in EconPapers)
Date: 2026-05-22
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