Japanese Forex broker Monex cuts USD/JPY spread
Monex has reduced the spread of USD/JPY in its “FX Plus” service to 0.2 sen, effective today.
Japanese retail FX broker Monex Inc, a part of Monex Group, Inc. (TYO:8698), today announces improvement of trading conditions for the USD/JPY pair.
Monex says that it has tightened the spread of USD/JPY trading in its “FX Plus” service from 0.3 sen to 0.2 sen (sen equals one hundredth of a yen – Ed.). The change is effective today, October 17, 2019.
Monex launched its FX service in April 2003. To date, “FX PLUS” has been providing the original services such as an automatic ordering method “Auto Rail,” where transactions are made continuously and automatically with one-time simple setting, and “Trade Carte FX” to support enhance customers’ trading skills with an artificial intelligence (AI) that was jointly developed with HEROZ, Inc.
In addition to the fact that Monex has tightened its spread of all the currency pairs in November 2018, Monex has further reduced the spread of USD/JPY in order to provide the customers with a better trading environment.
Let’s note that the spread of 0.2 sen is not a fixed price but a standard price which can fluctuate depending on market conditions such as market swings around major news announcements.
Earlier this week, another Japanese retail Forex broker – DMM FX, also announced reduction to the spread for USD/JPY. The broker said the spread is reduced from 0.3 sen to 0.2 sen.
Japanese brokerages have been trying to enhance trading conditions. In July this year, Rakuten Securities, a subsidiary of Rakuten Inc (TYO:4755), and Monex Inc, announced lowering of the minimum trading fees for US equities trading to zero.