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