As Tokyo market is on a holiday due to Japanese national holiday (Golden week* ), there will be limited number of market participants, and it is anticipated that there will be significant decrease in liquidity in FX markets during Asian trading hours.
Please give close attention when trading.
* Golden week is a weekend starting from 29th April to 6th May.
The bill has been passed to assign 1 May 2019 as a National Holiday as it is the ascension date of the Crown Prince. It has been confirmed that 30 April 2019 to 2 May 2019 will be assigned as new Bank Holidays.
For existing trades executed in the Inter-Bank Market, it is recommended that in the absence of existing bilateral agreements*, settlement date should be adjusted to the first following business day unless the day falls the next calendar month, in which case that date should be adjusted to the first preceding business day. In addition, the settlement date change should have no impact on settlement amount and cost adjustments should not be performed.
* Where parties have existing agreements which are used to govern FX and currency transactions (or equivalent documents) in place, if the settlement date falls on the last business day of the month, in principal the settlement date will be adjusted to the first following business day. However, if the settlement date is required to be adjusted to the first preceding business day, a bilateral agreement with the counterparty is required.
Tokyo Foreign Exchange Market Committee