TOKYO -- Daily trading in Tokyo's foreign exchange market averaged a record $407.1 billion in April, data released Monday shows, as negative interest rates drove institutional investors to higher-yielding foreign securities.
The figure, a 5.1% increase from October, was the highest recorded by the Tokyo Foreign Exchange Market Committee since it began conducting the survey in 2006. The overall growth was driven by foreign exchange swaps, which rose 2.2% to $209.3 billion, and forward contracts, which jumped 27.6% to $61.8 billion.