Saxo plans to tap Japan

News

Denmark's Saxo Bank is opening an office in Tokyo to tap into the large volumes of foreign exchange transactions conducted from Japan.

Online forex traders in Japan account to close to $15 billion in daily turnover, according to 2007 data from the Tokyo Foreign Exchange Market Committee, an industry body.

Saxo Bank says 80% of its Asian forex trading volume comes from Japan. Meanwhile, Asia's contribution to Saxo Bank's revenues has grown from 20% in 2006 to 30% now.

The Danish bank says the growth

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