JPX and TFX report slow down in April trading activity

The Japan Exchange Group (JPX), which published its trading volume for April on Friday, reported futures and options trading activity down to 36.7 million lots last month, a 26% year-on-year decrease as compared to April 2025’s tally of 49.6 million contracts.

This was primarily driven by the exchange’s Nikkei 225 mini futures, which saw trading volume down 46% to 12.4 million lots last month, as compared to 23 million lots the same time last year.

Nikkei 225 micro futures saw trading volume decrease 8.3% to 17.2 million lots last month. This comes after the exchange reported record trading for Nikkei 225 micro futures at 24 million lots in March, a 103% year-on-year increase.

The exchange’s Nikkei 225 options trading volume decreased 38% to 1 million lots last month, whereas Nikkei 225 mini options trading volume slumped marginally 0.5% to 1 million contracts.

The Futures Industry Association last week submitted responses to Osaka Exchange’s consultation on the proposed revisions to the method of setting the contract months of Nikkei 225 mini options.

The exchange’s TOPIX futures saw trading volume dip 20% to 1.4 million lots.

On the other hand, Tokyo Financial Exchange saw overall derivatives trading decrease 50% to 6.2 million lots last month.

JPX reported April trading volumes in three-month Tokyo Overnight Average Rate (TONA) futures down 55% year-over-year to 28,546 contracts. This comes after the group reported March trading volumes in TONA futures down 83% year-on-year to 36,441 contracts.

The TFX three-month TONA futures volumes slumped last month to 51,664 contracts, a 40% year-on-year decrease.

JPX’s main long-term interest rate derivative, 10-year JGB futures, reported trading volume fall 14% to 726,132 lots last month. However, mini-10-year JGB futures saw trading volume rise 1,300% to 4,765 lots.

Japan’s central bank kept its policy rate steady at 0.75% in April, while revising its inflation estimates upwards as the Iran war raises supply-side risks.

Meanwhile, Shun Yanagisawa, director and Japan head for futures, clearing and FX prime brokerage at Citigroup Global Markets Japan, told FOW last month that the Japanese yen swap and government bond futures are experiencing momentum, driven by the Bank of Japan's monetary policy normalisation.

In the precious metals segment, JPX saw trading volume of gold standard futures decrease 73% 256,104 lots. Gold mini futures saw trading volume fall 44.5% to 230, 657 lots last month. Platinum standard futures saw trading volume slump 56% to 74,443 contracts. Platinum rolling-spot futures also saw activity down 13% to 44,070 contracts.

JPX listed FX futures, pocket gold 100 futures and pocket platinum 100 futures on April 13.

Following the launch, pocket gold 100 futures reported 7,040 contracts traded last month. On the other hand, pocket platinum witnessed 19,647 lots traded in April.

JPX’s Tokyo Commodity Exchange saw trading volume of electricity futures traded in major areas decrease last month. The exchange, which listed futures contracts for electricity in the Chubu region on April 13, saw 30 contracts traded last month.