Yen volumes of 29 times normal on January 2 open – CLS figures

Soaring volumes coincide with higher volatility in yen crosses in early hours of Asian trading session

USD/JPY: volatility rarely topped 6% in latest equity bull run, possibly warning of higher volatility to come, says Neil Mellor

Volumes in yen pairs skyrocketed in the early hours of January 2 by a factor of 29 against the dollar, as frantic trading saw the Japanese currency make significant gains against its peers, CLS data reveals.

USD/JPY trading volumes received by the FX settlement firm at the start of the Asian trading session – between 10pm and 11pm Greenwich Mean Time (GMT) – on the second day of this year soared to $15.3 billion, compared with an estimated $525 million on an average trading day during the same

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