Forex session

Tokyo Session

The Tokyo Session runs from 7 PM to 4 AM ET (8 AM to 5 PM Tokyo time). It accounts for roughly 6% of daily forex turnover — lower volume than London or NY, but the prime window for JPY pairs and Asian-domiciled currencies.

7 PM to 4 AM ET (approx, varies with DST)

Hours (ET)

Low to moderate

Volatility

~6% of daily forex turnover

Volume share

JPY, AUD, CNH

Key currencies

What is the Tokyo Session?

Tokyo is Asia's largest financial center and the third-largest forex hub globally behind London and New York. The Tokyo Session is when Japanese banks, hedge funds, and Asian institutional desks are active.

Volume is meaningfully lower than London or NY (about 6% of daily turnover vs London's 35%). But for JPY-pair traders, Tokyo is the prime window — most yen-cross moves driven by BoJ events, Japanese economic data, and Asian risk flows happen during Tokyo hours.

Hours (ET): 7 PM to 4 AM ET (approx, varies with DST)
Local time: 8 AM to 5 PM Tokyo time
Volume share: ~6% of daily forex turnover
Key overlap: Sydney-Tokyo overlap (7 PM to 2 AM ET) covers most Asian-session flow

When to trade Tokyo

Two sub-windows in Tokyo:

Tokyo open (7 to 10 PM ET): Highest activity. Japanese fixing (10 PM ET / 12 PM JST) often produces directional moves on yen pairs. Early hours catch the bulk of Asian-session range development.

Tokyo afternoon (10 PM to 4 AM ET): Volume tapers somewhat. Chinese economic data drops in this window (typically 9 PM ET Wednesdays and weekly basis). The Tokyo-London handoff begins around 3 AM ET.

Best pairs to trade

JPY pairs and Asian-currency pairs dominate Tokyo flow:

- USD/JPY: prime Tokyo pair. Most BoJ-driven moves develop here. - EUR/JPY, GBP/JPY, AUD/JPY: yen crosses are highly active in Tokyo. - AUD/USD, NZD/USD: Australian and New Zealand markets are open during Tokyo. - AUD/JPY: classic risk-on / risk-off proxy during Tokyo.

Skip EUR-only or GBP-only pairs (EUR/GBP, EUR/CHF) during Tokyo — these are quiet until London opens at 3 AM ET. Trading them in Tokyo means narrow ranges and wider spreads.

Top pairs for this session: USD/JPY · EUR/JPY · AUD/JPY · AUD/USD · NZD/USD.

News calendar to watch

Tokyo-session catalysts:

- BoJ rate decisions: typically 10 PM to 12 AM ET on decision days. Surprises produce 100+ pip moves on JPY pairs. - BoJ press conferences: about 1 hour after the rate decision. - Japanese economic data: CPI (7:30 PM ET), GDP, Tankan survey. - Chinese economic data: GDP (typically 9 PM ET quarterly), PMI (8:30 PM ET monthly), retail sales, industrial production. - Australian data: RBA decisions (11:30 PM ET first Tuesday monthly), CPI (typically 9:30 PM ET quarterly).

See the full live calendar on the economic calendar, or look up unfamiliar terms in the forex glossary.

Tokyo Session FAQ

What time does the Tokyo Session open?

7 PM ET (US Eastern), which is 8 AM Tokyo time. Closes around 4 AM ET (5 PM Tokyo). Daylight Saving Time in the US shifts Tokyo-relative hours by one hour twice a year.

Why is Tokyo less volatile than London?

Lower forex volume — about 6% of daily turnover versus London's 35%. Asian markets handle more domestic / regional flow rather than the global institutional volume that concentrates in London.

What pairs are best for Tokyo trading?

JPY pairs (USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY) and Australasian pairs (AUD/USD, NZD/USD). These have prime liquidity during Tokyo hours and respond to local catalysts (BoJ, RBA, Chinese data).

When does BoJ announce rate decisions?

Roughly 10 PM to 12 AM ET on decision days. The exact timing varies because the BoJ does not pre-announce a precise minute. The press conference follows about an hour after the rate announcement.

Is Tokyo a good session for beginners?

Mixed. The lower volatility means smaller losses on bad setups, but also smaller wins. JPY-specific catalysts can produce sudden 100+ pip moves that are easy to mismanage without experience. Many traders start with London/NY for the cleaner directional flow.

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