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Recent Trends in Japanese Foreign-Exchange Margin Trading

Author

Listed:
  • Tai Terada

    (Bank of Japan)

  • Naoto Higashio

    (Bank of Japan)

  • Jun Iwasaki

    (Bank of Japan)

Abstract

Foreign-exchange margin trading by individual investors has become common in Japan during the last several years. This paper uses available data to review recent trends in Japanese foreign-exchange margin trading. It finds that turmoil in international financial markets, triggered by the "subprime debacle" since August 2007, resulted in a decline in outstanding positions for foreign-exchange margin trading. There was nonetheless a steady increase in account numbers and trading volumes. Since August 2007, trading approaches and currency selection have also changed. For example, leverage has declined, dollar/yen turnover ratios have increased, and there have been shifts to high-yield currencies.

Suggested Citation

  • Tai Terada & Naoto Higashio & Jun Iwasaki, 2008. "Recent Trends in Japanese Foreign-Exchange Margin Trading," Bank of Japan Review Series 08-E-3, Bank of Japan.
    • Handle: RePEc:boj:bojrev:08-e-3
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    File URL: http://www.boj.or.jp/en/research/wps_rev/rev_2008/data/rev08e03.pdf
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    Cited by:

    1. Michael R. King & Carol Osler & Dagfinn Rime, 2011. "Foreign exchange market structure, players and evolution," Working Paper 2011/10, Norges Bank.
    2. Paola Gallardo & Alexandra Heath, 2009. "Execution methods in foreign exchange markets," BIS Quarterly Review, Bank for International Settlements, March.
    3. Ledenyov, Dimitri O. & Ledenyov, Viktor O., 2015. "Wave function method to forecast foreign currencies exchange rates at ultra high frequency electronic trading in foreign currencies exchange markets," MPRA Paper 67470, University Library of Munich, Germany.
    4. Ricardo de Medeiros Carneiro & Pedro Rossi & Guilherme Santos Mello & Marcos Vinicius Chiliatto-Leite, 2015. "The Fourth Dimension," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(4), pages 641-662, December.

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