FX Markets

Japanese FX cuts in London


LONDON -- Japanese banks are continuing to cut back FX positions in London as the Japanese banking industry moves towards consolidation.

Asahi Bank, Sanwa Bank and Sakura Bank have all made recent job cuts in FX. While all are undergoing mergers or strategic link-ups, they told FX Week the cuts are not related to the ongoing consolidation.

Asahi Bank is winding down its London dealing operations, and transferring international FX order-making to its centres in Japan. This is in order to cut

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