In 2022, foreign exchange (FX) markets saw a rapid and significant depreciation of the Japanese yen (JPY) against the U.S. dollar (USD). Based on the results of the Triennial Central Bank Survey conducted by the Bank for International Settlements (BIS) in April 2022, this paper explores FX turnover in Japan -- which reached a historical high since the start of the survey -- by currency, type of instrument, and counterparty. It then examines the impact of the increase in FX turnover on the USD/JPY exchange rate. In addition, it explains the background of the long-term downtrend in the share of Japan in the global FX ... (full story)