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Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2025: Turnover Data, Japan

October 6, 2025
Bank of Japan
Financial Markets Department

The Bank of Japan is releasing today the results for a part of the triennial turnover survey for foreign exchange and over-the-counter (OTC) derivatives market activity in Japan, concerning the data on turnover in April 2025.

I. Outline of Survey

In April 2025, the Bank of Japan conducted the triennial turnover survey for foreign exchange and over-the-counter derivatives market activity in Japan. This survey comprises a part of the Triennial Central Bank Survey coordinated by the Bank for International Settlements (BIS). The Bank of Japan obtained data from 35 financial institutions; consisting of 12 Japanese banks, 15 foreign banks, two Japanese securities houses, and six foreign securities houses.

II. Highlights from the Japanese Turnover Results

(1) Foreign Exchange Market Activity

Average daily turnover of the foreign exchange market in Japan in April 2025 was USD 440.2 billion, increasing by 1.8 percent from the previous survey. By type of instrument, FX swaps increased by 19.5 percent.

(2) OTC Interest Rate Derivatives Market Activity

Average daily turnover of the OTC interest rate derivatives contracts in Japan in April 2025 was USD 169.8 billion, increasing by 234.7 percent from the previous survey. By type of instrument, turnover of FRAs, interest rate swaps and interest rate options increased by 2834.3 percent, 233.6 percent, and 26.8 percent, respectively.