Central Bank Survey of Foreign Exchange and Derivatives Market Activity at end-June 2025: Amounts Outstanding, Japan

September 10, 2025
Bank of Japan
Financial Markets Department

The Bank of Japan has released the results of the second part of the Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Japan, concerning the amounts outstanding as of end-June 2025. The results are identical with those of "Regular Derivatives Market Statistics in Japan at end-June 2025" due to the identical coverage of both reporting dealers and items.

The summary of the results is as follows.

1. Notional amounts outstanding of derivatives contracts

The notional amounts outstanding of derivatives contracts by major Japanese financial institutions at end-June 2025 were $85.6 trillion for over-the-counter (OTC) contracts, and $3.8 trillion for exchange-traded contracts.

2. Breakdown of notional amounts outstanding of OTC contracts

(1) By risk factor

The notional amounts outstanding of OTC contracts were $73.8 trillion for single currency interest rate (IR) contracts, $10.6 trillion for foreign exchange (FX) contracts, and $0.9 trillion for credit derivatives contracts.

(2) By currency

With regard to IR contracts, U.S. dollar-denominated contracts were at $26.8 trillion, Japanese yen-denominated contracts stood at $24.3 trillion, and euro-denominated contracts were at $16.1 trillion. As for FX contracts, U.S. dollar-denominated contracts were at $4.9 trillion, Japanese yen-denominated contracts stood at $2.3 trillion, and euro-denominated contracts were at $1.2 trillion.

(3) By counterparty

With regard to IR contracts, transactions stood at $7.2 trillion with "reporting dealers", $53.7 trillion with CCPs, and $11.0 trillion with "other financial institutions (without CCPs)". As for FX contracts, transactions were at $7.0 trillion with "reporting dealers", $0.4 trillion with CCPs, and $2.1 trillion with "other financial institutions (without CCPs)".

(4) By remaining maturity

With regard to IR contracts, transactions stood at $21.6 trillion with a remaining maturity of "over five years", $27.3 trillion with a remaining maturity of "over one year and up to five years", $24.9 trillion with a remaining maturity of "one year or less". As for FX contracts, transactions were at $0.9 trillion with a remaining maturity of "over five years", $2.5 trillion with a remaining maturity of "over one year and up to five years", and $7.2 trillion with a remaining maturity of "one year or less".