Forex glossary
Tokyo Session
The Tokyo session is a conventional window of Japanese participants' FX activity during the Asian trading day. It does not formally begin with the stock exchange opening. Japanese data and decisions may affect JPY; chart hours depend on the chart's time zone. Assess liquidity and volatility for the particular pair and day.
Illustrative example
How does it work in practice?
Suppose an exercise event occurs at 09:00 in a UTC+9 zone. It appears at 00:00 on a UTC chart and 02:00 in an assumed UTC+2 zone. The session name does not set the broker's server time.
A case to work through
Tokyo starts the next day
A fictional event occurs Tuesday at 08:00 under UTC+9; the chart uses UTC.
- Subtract nine hours: Monday 23:00 UTC.
- Record the preceding day on the chart.
What follows? Match that candle with the event's actual date.
Example boundary: This uses the supplied offset rather than official session hours.
A useful distinction
Tokyo Session / Sydney Session
Sydney and Tokyo are different activity windows; broker availability is separate.
Check your understanding
Convert an event time including its calendar date.
Show the answer and explanation
Monday 22:00 UTC
Subtracting nine hours crosses midnight backwards.
Sessions, time zones and breaks
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Read the fuller explanation
Related terms
Sources and documentation
- Triennial Central Bank Survey of foreign exchange and OTC derivatives markets in 2025 – BIS
Provides the earlier basis for distinguishing market participants and functions.
- Outline of Monetary Policy – Bank of Japan
Distinguishes Policy Board decisions from BoJ surveys and outlook publications.
Document read: - The FX trade execution landscape through the prism of the 2025 BIS Triennial Survey
Describes fragmented FX execution, dealers, non-bank providers and internalised flows.
Document read:
The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.