Japan Forex Trading Brokers

July 3, 2013 8:13 am

japan_forexHere you will find reviews of the top forex brokers operating in Japan. The Japanese Forex market is one of the quickest progressing markets worldwide. Its quick development is welcomed by the government, because the Forex market is responsible for a major fraction of the funds that support Japan’s economy.

The currency of Japan is the Japanese Yen or ¥. As per the ISO 4217 Code, the Japanese Yen is symbolized as JPY, so this is how you can recognize it in the Forex market. The Japanese Yen was first introduced in the year 1871.

Since then it has turned into one of the most widely used currencies in the world, and the latest figures show that it is one of the four most traded currencies on the Forex market. Only three currencies are more popular than the Yen – the American Dollar, the British Pound, and the Euro.

Japan Forex Brokers

The exchange rate of the Japanese Yen is determined by the Bank of Japan. This is also the financial institution which is responsible for the creation and distribution of Yen banknotes and coins, so it practically controls most of the foreign exchange market in Japan.

All foreign exchange rates in Japan are dependent on the Yen’s exchange rate with foreign currencies. Some of the factors that play an important role in determining the Yen’s exchange rate are the annual GDP reports, inflation rate, employment information, trade balances and industrial production figures. Of course, every Forex trader knows that the market can suddenly change, because of unpredictable situations – elections, surprising government policies, natural disasters, etc.

All Forex trading operations in Japan are handled by banks, Forex trading agencies and brokers. Despite the market’s quick progress, it is quite unstable from time to time, and the Bank of Japan has to take additional measures in order to stabilize its condition and preserve the pace of its progress.

Japan plays a very important role in the worldwide Forex market, because its capital city, Tokyo, is one of the three global Forex trading centers alongside London and New York. This has turned japan into a major player in the Forex market, and according to experts, it won’t be long before the Japanese Yen plays an even more important role in the global foreign exchange market.

If you plan on trading a currency pair that includes the Japanese Yen, then you must keep a close eye on the Tankan survey – a report that is released four times a year by the Bank of Japan. This report includes detailed statistics regarding business confidence, and it often has a huge impact on the foreign exchange market in Japan.

Where to Trade

BinaryTribune is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action, Binary Options and Social Trading.