Japan’s foreign exchange market saw sharp volatility in April 2025 following US tariff announcements, per Bank of Japan analysis.
Japan’s foreign exchange market experienced rapid fluctuations in April 2025 after the US announced reciprocal tariffs, according to a Bank of Japan review. The analysis, based on the 2025 BIS Triennial Central Bank Survey, highlights structural shifts in FX transactions by instrument, currency, and counterparty.
The report compares Japan’s FX turnover with other Asian markets, identifying key drivers behind the volatility. Data from the BIS survey, conducted in April 2025, provides a benchmark for assessing regional market dynamics during the period.
The findings underscore the impact of geopolitical developments on currency markets, with Japan’s FX activity reflecting broader trends in Asia.