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Retail Foreign Exchange Margin Trading in Japan: An Analysis from the Developments in 2022

Author

Listed:
  • Naoki Matsuda

    (Bank of Japan)

  • Juri Oyama

    (Bank of Japan)

  • Rie Yamaoka

    (Bank of Japan)

  • Hidemi Bessho

    (Bank of Japan)

Abstract

Foreign exchange (FX) margin trading by Japanese retail investors hit a record high in 2022, unprecedentedly exceeding 10 quadrillion yen. While outlining the mechanism of retail FX margin trading, this paper summarizes factors behind the recent surge in retail FX margin trading and changes in investment patterns of Japanese retail investors. In addition, an analysis is conducted on how retail FX margin trading impacts the global and Japan's FX markets. Continued monitoring of investment patterns of retail FX margin traders is integral to better understanding the developments in FX markets.

Suggested Citation

  • Naoki Matsuda & Juri Oyama & Rie Yamaoka & Hidemi Bessho, 2023. "Retail Foreign Exchange Margin Trading in Japan: An Analysis from the Developments in 2022," Bank of Japan Review Series 23-E-7, Bank of Japan.
    • Handle: RePEc:boj:bojrev:rev23e07
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    File URL: https://www.boj.or.jp/en/research/wps_rev/rev_2023/data/rev23e07.pdf
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    More about this item

    Keywords

    Foreign Exchange Margin Trading;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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