According to the official numbers, 82.1 trillion yen worth of foreign exchange was traded last month on FX Neo, the spot forex trading platform of the broker. The figure slipped 7.5 percent when compared with the previous months trading volume of 88.8 billion yen.
On a yearly basis, the plunge is more significant as it has declined from 120.3 trillion yen in volumes recorded in August last year. Trading on GMO peaked last year after the volatility was triggered by the impact of Covid-induced lockdowns across the world. Though the activities peaked in March 2020, the volumes in consecutive months remained significantly higher before correcting heavily in 2021.
Despite the dip, August volumes remain higher than the reported figures for June, when it saw the lowest activities since the March peak.
A Declining Trend
Demand on the daily FX futures exchange, Click 365, remained on the lower side when compared month-over-month, but demand climbed by more than 25.2 percent year-over-year. It closed the month with 620,259 Click 365 accounts.
Unlike forex, the demand for stocks last month surged by 3.7 percent in relation to the previous month, but this interest declined from August 2020.
As Finance Magnates reported recently, other Japanese and global forex exchanges reported the expected decline in their August volumes. Tokyo Financial Exchange (TFX) reported an 11.2 percent monthly dip in FX derivatives trading, while FXSpotStream witnessed a 15.97 percent decline.