A yen-unit reconciliation of 46 domestic OTC FX firms contrasts ¥1,227 trillion of September turnover with ¥11.7 trillion of month-end positions, without mistaking activity for leverage.
An exact conversion of FFAJ data shows the scale and velocity of Japan’s retail OTC FX market, while preserving the crucial distinctions among gross turnover, open notional exposure, customer margin and broker revenue.