Trading Volume in Year 2001

The Tokyo International Financial Futures Exchange (TIFFE) announced today that total trading volume in 2001 was 7,642,462.

In the first quarter of 2001, prices of Three-month Euroyen futures (Euroyen futures) rose reflecting consecutive monetary easing by BOJ (Bank of Japan), and trading volume increased.
Thereafter, many market participants expected that BOJ continued so called a quantitative easing policy for a long time, prices of Euroyen futures stabled in high level and trading volume decreased.
In August, as medium-term Japanese government bonds (JGBs) prices became weak, prices of Euroyen futures declined. However, reflecting additional monetary easing measure, prices of Euroyen futures began hiking. With an economic turmoil after the terrorist attacks in the USA, prices of Euroyen futures turned up-trend due to the expectation for additional monetary easing by BOJ. On September 18, leading contract month of Euroyen futures (March 2003 contract) hit a record price at 99.925, which is the highest as leading contract month since the launch of Euroyen futures in 1989. Trading volume increased relatively in August and September.
In October, as short-term interest rate remained low, prices of Euroyen futures remained stable and trading volume decreased. From November to December, Euroyen futures became volatile partly because many market participants became sensitive to credit risk, and trading volume increased gradually.
Under these circumstances, trading volume of Euroyen futures in Year 2001 was 7,624,711.

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