Japan was overtaken by Singapore in FX trading as far back as 2013. But while the business in Tokyo is less diversified than in other Asian trading hubs, Japan appears pretty relaxed about its capital’s dependence on the yen.
That might be because its share of activity is still going up. The most recent Bank for International Settlements central bank survey found that although Japan had fallen from fourth to fifth in the FX trading rankings, its share of the global FX market increased from 5.6%
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