https://www.frbsf.org/research-and-insights/publications/economic-letter/1997/12/explaining-trading-volume-in-foreign-exchange-lessons-from-tokyo/
Explaining Trading Volume in Foreign Exchange: Lessons from Tokyo - San Francisco Fed
Dec 26, 1997 - The enormous volume of trading in foreign exchange (FX) markets--almost 100 times the volume on the New York Stock Exchange--has been a puzzle. Economists have...
lessons from tokyotrading volumeforeign exchange