Overview of
Financial Literacy Survey of
Investors in Foreign Exchange Margin
Transactions
April 2018

About this Survey
Target population:
Among individual members of the general public in their 20s to 70s (male and female) from across Japan (source: Nippon Research Center Ltd. Web panel and its affiliated panels), those
conducting foreign exchange margin transactions at the time of the survey were preferentially selected. Regarding those who used to conduct foreign exchange margin transactions in thepast, those whose last transactions had been conducted more recently were preferentially selected. The total number of persons selected and surveyed is 1,000.
Demographic profile of those surveyed:
In 2017, the Financial Futures Attitude Survey of Individual Investors was conducted to survey 2,000 individual members of the general public (male and female) from across Japan. Using
the appearance rate of those having experience of foreign exchange margin transactions obtained from the 2017 survey, we defined the demographic breakdown (by gender and by age)and determined the sample size for each demographic group to select a total of 1,000 respondents (as shown in the following table) for the 2018 survey. While each demographic group
initially created is a 10-year age group, two small-size groups are combined into one group.
Demographic breakdown of those surveyed
Male
Total
Subtotal
20s
30s
40s
50s
1000
763
104 268 222
66

60s–70s
103

Subtotal
237

Female20s–30s40s–50s82
105

60s–70s50

Method: Internet survey
Period: Friday, February 23 – Thursday, March 1, 2018

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Demographic breakdown of those surveyed (respondents)(1) Distribution of the respondents by age (%, n = 1,000)(3) Disturbution of the repsondents by annual income(%, n = 1,000)

2.3
20s
12.4

13.0

30s

15.9

2 million yen – less than 4 million yen

40s

10.6

50s

33.0

Less than 2 million yen

8.7
20.5

4 million yen – less than 7 million yen
7 million yen – less than 10 million yen

20.0

10 million yen or more

60s
28.7
70s

34.9

(2) Distribution of the respondents by occupation(%, n = 1,000)
1.6

13.2

0.4
8.8

7.0

4.5
0.7

12.5

Self-employed(agricultural/forestry/fishery)
Independent professional (physicians,
lawyers, etc.)
Family employee (incl. domestic help)
Full-time employee (officers,
managers)
Full-time employee (non-managerial)
Part-time employee

8.6

Homemaker

42.7

Unemployed, pension beneficiaryStudent
Other• About 55% of the respondents are full-time employees(officers, managers and non-managerial employees),
while unemployed and pension beneficiaries account for
about 13%.
• Those whose annual income is not less than 4 million
yen and less than 7 million yen account for 34.9%, whichis the largest proportion of the respondents. The total of
respondents whose annual income falls below 7 million
yen amounts to 64.1%.

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1. Stance on Foreign Exchange Margin Transactions(1) Most recent forex margin trading (%, n = 1,000)
0.0

20.0

Currently trading
現在行っている

40.0

60.0

80.0

100.0

93.4

Traded within the past 1 month

過去１か月未満

1.6

Traded over a month ago, within the past 3 months

過去１か月以上～３か月未満

1.5

Traded over 3 months ago, within the past 6 months

過去３か月以上～６か月未満

0.7

Traded over 6 months ago, within the past 1 year

過去６か月以上～１年未満

0.9

Traded over a year ago, within the past 3 years

過去１年以上～３年未満

1.8

Traded over 3 years ago, within the past 5 years

過去３年以上～５年未満

0.0

Traded over 5 years ago
過去５年以上前

0.1• Among all the respondents in this survey, about 93%
said that foreign exchange margin transactions (forex
margin trading or merely “FX” trading) presently
constitutes their investment choices.
• 81.4% of the respondents have at least one year ofexperience in forex margin trading, and those who haveexperience of five years or longer account for 44.9%.

(2) Years of experience in forex margin trading (%, n = 1,000)
0.0Less than 1 month

20.0

１か月未満

1.8

1
month – less than 3 months
１か月以上～３か月未満

4.8

3３か月以上～６か月未満
months – less than 6 months

5.1

6６か月以上～１年未満
months – less than 1 year

6.9

1 １年以上～３年未満
year – less than 3 years
3 years– less than 5 years
３年以上～５年未満
5 years
or longer
５年以上

40.0

21.4
15.1
44.9

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(3) Profit or loss in FX trading in the previous year (%, n = 1,000)
0.0

10.0

Profit利益額が100万円以上
of ¥1 million or more

7.5

利益額が50万円以上～100万円未満
Profitof ¥500,000 – less than ¥1 million

7.1

Profit利益額が20万円以上～50万円未満
of ¥200,000 – less than ¥500,000

10.1

20.0

Profit利益額が～20万円未満
of less than ¥200,000

30.0

40.0

50.0

35.6

0円又は損失額が～－20万円未満¥0, or loss of less than ¥200,000

28.4

損失額が-20万円以上～-50万円未満
Lossof ¥200,000 – less than ¥500,000

5.9

損失額が-50万円以上～-100万円未満
Lossof ¥500,000 – less than ¥1 million

2.2

損失額が-100万円以上
Lossof ¥1 million or more

3.2

(4) About the system for carrying forward losses from FX trading(%, n = 1,000)

0.0

10.0

Have experienced a loss carry-forward
確定申告して適用できたことがある
based on a tax return
Could not carry forward a loss while
確定申告したが適用できなかった
applying for it by a tax return
Informed about this system, but have

控除できるのは知っているが申告無し
never used it

32.7
9.6
13.9

Informed about this system, but have

知っていたが控除対象にならなかった
never been eligible for a carry-forward
Ignorant about this system, and have
知らなかったが控除対象にならず
never been
eligible for a loss carry-forward
Ignorant about this system, and have
控除を知らず、したこともない
never used it

20.0

22.5

30.0

40.0

50.0

• Regarding the total net profit or loss in forex margin
trading in the previous year, 35.6% of the respondents
earned a profit of less than 200,000 yen, and 28.4%
made no profit or suffered a loss of less than 200,000
yen. A total of 64.0% posted an annual loss notexceeding 200,000 yen.
• We asked about the respondents’ awareness of thesystem for carrying forward a net investment loss
incurred as a result of forex margin trading and theirexperience of using this system. 32.7% said that they
took a tax deduction based on their trading losses (i.e.
they were allowed to carry forward a trading loss after
filing a tax return). 22.5% have no experience of claiming
a loss carry-forward (while they knew about the loss
carry-forward system, they did not need to take a tax
deduction since they finally made a profit on an annual
basis).

7.4
13.9

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(5) Average period of holding new positions (%, n = 1,000)
0.0

5.0

10.0

15.0

20.0

25.0

0.9

Less than 1１分未満
minute5.9

１分以上～10分未満
1 minute – lessthan 10 minutes

10.3

10分以上～１時間未満
10 minutes– less than 1 hour

16.0

１時間以上～１日未満
1 hour– less than 1 day

2130%

１日以上～１週間未満
1 day– less than 1 week

16.1

１週間以上～１か月未満
1 week– less than 1 month

12.7

１か月以上～６か月未満
1 month– less than 6 months

4.8

６か月以上～１年未満
6 months– less than 1 year

9.3

１年以上～５年未満
1 year –less than 5 years

2.7

５年以上
5 years or
longer(6) Foreign currencies traded on margin (multiple answers)(%, n = 1,000)
0.0

20.0

85.0

米ドル
USD
ユーロ
EUR
英ポンド
GBP
スイスフラン
CHF
カナダドル
CAD
豪ドル、ニュージーランドドル
AUD, NZDＺＡＲ、ＴＲＹ、ＭＸＰ、ＢＲＬ
ZAR, TRY, MXP, BRL
中国元、香港ドル
CNY, HKDＳＥＫ、ＮＯＫ、ＤＫＫ
SEK, NOK, DKK
ロシアルーブル上記以外ヨーロッパ圏
RUB, other European currencies
上記以外のアジア圏
Other
Asian currencies
その他
Other

40.0

40.8
26.9
7.4
9.8
43.7
26.2
3.7
2.3
1.3
1.1
0.2

60.0

80.0

100.0

• Looking at the average period of holding new positions,
21.3% of the respondents hold positions one day ormore and settle them within one week, which constitutes
the largest proportion, followed by those holding
positions for a period of not less than one week and lessthan one month (16.1%) and for a period of not less than
one hour and less than one day (16.0%).
• We asked about foreign currencies traded by the
respondents on margin. The most traded currency is the
US dollar, which is traded by 85.0% of the respondents.
Then, the Australian dollar and/or New Zealand dollar(43.7%) and euro (40.8%) follow at the 40% level. The
currencies traded by more than one-quarter of the
respondents are the British pound (26.9%) and a groupof South Africa rand, Turkish lira, Mexican peso andBrazilian real (26.2%).

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(7) Average trading amount for new FX transactions (%, n = 1,000)
1.7
1.9

0.2

• The average trading amount for new contracts executedin forex margin trading is less than 100,000 yen for thelargest proportion of respondents, i.e. 42.8%, and notless than 100,000 yen and less than 500,000 yen for
23.1%. The total of respondents investing one million
yen or more for each new contract on average is 24.2%.

10万円未満Less than ¥100,000

0.6

10万円以上~50万円未満¥100,000 – less than ¥500,000

3.5

50万円以上~100万円未満¥500,000 – less than ¥1 million
100万円以上~300万円未満¥1 million – less than ¥3 million

16.3
42.8
9.9

¥3 million – less than ¥5 million
300万円以上~500万円未満¥5 million – less than ¥10 million
500万円以上~1000万円未満¥10 million – less than ¥30 million
1000万円以上~3000万円未満

23.1¥30 million – less than ¥50 million
3000万円以上~5000万円未満¥50 million or more
5000万円以上(8) Leverage ratios chosen for executing FX transactions(%, n = 1,000)• As for the leverage ratios chosen by the respondents
when executing forex margin transactions, 31.4% of the
respondents choose not less than 1:1 and less than 1:5
and 23.8% choose not less than 1:5 and less than 1:10,
while 22.7% set a ratio between 1:20 and 1:25.

１倍未満
Less than 1:1

6.7

１倍以上～５倍未満
1:1 – less than 1:5

22.7

５倍以上～10倍未満
1:5 – less than 1:10

31.4

3.4

10倍以上～15倍未満
1:10 – less than 1:15

12.0

15倍以上～20倍未満
1:15 – less than 1:20

23.8

20倍以上～25倍
1:20 – 1:25

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(9) Number of FX transactions executed during a year (%, n = 1,000)
Less than once a year
１回未満（何年かに１回程度）(once in several years)

7.0

12.3

1 – less than 10
１回以上～10回未満

18.5
17.8

10 – less than 20
10回以上～20回未満
20 – less than 50
20回以上～50回未満

17.1

12.2

50 – less than 100
50回以上～100回未満
100回以上～500回未満
100 – less than 500
500回以上500 or more

15.1(10) Number of loss-cut transactions during a year (%, n = 1,000)
1.9
1.7

0.6
Less than once a year
１回未満（何年かに１回程度）(once in several years)

4.9

１回以上～10回未満
1 – less than 10

11.5• We asked the respondents how often they execute forex
margin transactions during a year. Not less than one andless than 10 transactions are selected by 18.5% of the
respondents, while 17.8% said not less than 100 andless than 500 transactions. Most of the given categories
show nearly equal proportions around at the 10-percent
level. The total of respondents trading 20 or moretransactions per year exceeds 57.4%.
• We asked about the respondents’ frequency of executing
loss-cut transactions in forex margin trading during ayear. A majority (52.4%) said that the number of loss-cut
transactions per year is less than one (i.e. once inseveral years).

10回以上～20回未満
10 – less than 20
20回以上～50回未満
20 – less than 50

52.4
27.0

50回以上～100回未満
50 – less than 100
100回以上～500回未満
100 – less than 500
500回以上500 or more

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(11) Why FX transactions produced losses (multiple answers) (%, n = 1,000)
0.0

20.0

Could not act to stop the loss
損切りができなかったから
Liquidated the position to stop the loss too
損切りのタイミングが早すぎたから
early

40.0

60.0

80.0

100.0

56.5
28.5

Conducted an ill-founded transaction
根拠の薄い取引をしてしまったから

37.7

Chose a too high leverage ratio that is not
自分に合った倍率を超えた倍率…
15.0
commensurate with your capacity
Placed in a situation where market
外国為替レートの確認ができない…
11.0
exchange rates could not be confirmed

その他
Other

4.0

(12) Experience of suffering a loss exceeding the deposited

margin amount (the total value of deposited assets) andreasons for the occurrence of such losses (%, n = 1,000)
2.2

0.1
No
ない

9.0

Yes / Lost awareness of trading risks
ある／取引リスクの認識を失っていた

13.3• We asked why respondents suffered a loss in their forex
margin trading. The most common answer is that they
could not act to stop the loss, as chosen by 56.5% of the
respondents. Then, 37.7% said that the transaction was
ill-founded, and 28.5% consider that they liquidated theposition to stop the loss too early.
• We asked whether the respondents have the experienceof suffering a loss at an amount exceeding the margin
amount (the total amount of assets) being deposited with
their forex margin trading broker. Those who have never
suffered such a huge loss account for 75.4%. Those whohave suffered such a loss are mainly comprised of:
13.3% of all respondents, who lost awareness of tradingrisks, and 9.0%, who thought too lightly of the tradingrisks.

ある／取引のリスクの認識が甘かった
Yes / Thought trading risks lightly

75.4

Yes / Resulting in losses within
ある／損失を出すことも想定内で結果的
expectationsに現実になった
ある／理由は上記以外
Yes / For other reasons

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(13) Do you have skills to generate a return from FX trading? (%, n = 1,000)

40.0• We asked whether respondents have investment skills toeventually generate a return from forex margin trading(even though they may sometimes suffer losses). 40%
said yes, and 60% said no.

はい
Yes
いいえ
No

60.0

(14) What types of forex orders are used, aside from limit orders andmarket orders (%, n = 1,000)
よく使用するUse very frequently

時々使用するUse
frequently

0%
Stop-limit
order
逆指値注文

まれに使用する
Use
occasionally

使用しない
Rarely use

40%

60%

80%

24.9

19.9

20%
20.1

100%
35.1

OCO order
ＯＣＯ注文

14.4

20.4

18.4

46.8

Done” order
ＩＦ “If
ＤＯＮＥ注文

14.2

18.1

18.0

49.7

ＩＦ ＤＯＮＥＯＣＯ注文“If Done OCO”
order

10.1 14.6

上記以外注文Other 5.3 7.2 9.4

17.0• With the exception of limit orders and market orders,which types of orders do the respondents usually use to
execute forex margin transactions? Looking into popularorder types by adding up those who use them veryfrequently or frequently, the most-used order type isstop-limit orders (45.0%) and the next is “One Cancels
the Other” (OCO) orders (34.8%). The proportion of
those who use “If Done” orders is 32.3%, remaining ataround the 30-percent level. “If Done OCO” orders areused by 24.7%, and other order types are used by
12.5%.

58.3

78.1

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2. Information Gathering and Investment Policy in Foreign Exchange Margin Transactions(1) Major sources of FX trading information(multiple answers, up to three) (%, n = 1,000)
0.0
Advice obtained at service
counters of financial institutions
金融機関の窓口での相談
Brochures
available at financial institutions’ branches
金融機関においてあるパンフレット
Lecture meetings, seminars
講演会・セミナーへの参加
Advicefrom experts or professional advisors
専門家・アドバイザーへの相談
Mass media (TV, newspapers, etc.)
マスメディア（テレビ・新聞等）

Courseworkor lectures at schools
学校での授業・講演
Printed books about
financial instruments or investments
金融商品・投資に関する書籍
Other sources
その他の情報源No idea about where to get information
どこで取得すればいいかわからない
No effort to gather information
情報収集してない、していなかった

100.0

7.6
6.3
13.1
6.0
13.4
62.9

Websites
ウェブサイトConversations with family and friends
家族・友人との会話（クチコミ）

50.0

10.3
0.9
27.9
1.1
1.9
13.7

(2) Investment policy in FX trading (%, n = 1,000)
2.1

0.9

Hold positions for long periods in general and settle
長期保有で値幅による利益あれば決済
them to lock in profits from price movements

9.8
28.2

12.3

Focus on short-term profits from price movements
値幅による利益重視であり短期間決済
and settle positions within short periods• The most popular source of information about forex
margin trading is Web searching, as mentioned by
62.9% of the respondents, which is by far the highest
proportion. The second most popular one is printed
books about financial instruments or investments(27.9%), followed by mass media such as TV,
newspapers, etc. (13.4%) and participation in lecture
meetings or seminars (13.1%).
• The most prevailing investment policy in forex margin
trading is focusing on short-term profits from pricemovements and settling positions within short periods,
as chosen by 46.7%. The second prevailing one isholding positions for long periods in general and settling
positions to lock in profits from price movements, as
chosen by 28.2%.

スワップポイントを重視
Place emphasis on swap points
Place emphasis on hedging exchange risks in your
保有外貨資産の為替リスクヘッジ重視
foreign currency assets

その他
Other

46.7

特に決めていない
No specific policy

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(3) Preference for fundamental analysis or technical analysis in FX trading (%, n = 1,000)
3.8
8.5

Fundamental 100% vs. technical 0%
ﾌｧﾝﾀﾞﾒﾝﾀﾙ分析100%、ﾃｸﾆｶﾙ分析0%

8.3

Fundamental 75% vs. technical 25%
ﾌｧﾝﾀﾞﾒﾝﾀﾙ分析75%、ﾃｸﾆｶﾙ分析25%

21.3

ﾌｧﾝﾀﾞﾒﾝﾀﾙ分析50%、ﾃｸﾆｶﾙ分析50%
Fundamental 50% vs. technical 50%

23.5

ﾌｧﾝﾀﾞﾒﾝﾀﾙ分析25%、ﾃｸﾆｶﾙ分析75%
Fundamental 25% vs. technical 75%
ﾌｧﾝﾀﾞﾒﾝﾀﾙ分析0%、ﾃｸﾆｶﾙ分析100%
Fundamental 0% vs. technical 100%34.6

どちらも重視していない
Consider neither as important• We asked about the level of importance placed on
fundamental analysis and technical analysis. 34.6% ofrespondents said that both are equally important (50%–50%). Those who put more emphasis on technicalanalysis (75% or higher) and those who prefer tofundamental analysis (75% or higher) account for about
30% respectively. Therefore, the respondents areclassified into these three patterns in nearly equal
proportions.

(4) Reasons for choice of FX brokers (multiple answers) (%, n = 1,000) • The most common reasons for choice of present brokers
0.0

Reputable business operator
信用のある業者（会社）だから
Easy accessto consultation services
相談がしやすいから
Recommended
by friends, acquaintances or family
友人・知人・親戚の人が勤めている
Offering valuable information
良い情報を提供してくれるから
Good reputation
spreading by Internet word of mouth
ネットで評判がよいという口コミ見た
Easiness in Web-based ordering
ネット取引での注文がしやすいから
User-friendly websites
ホームページのサイトが見やすい
Handling
foreign currencies unique to the broker
その会社のみの取扱銘柄があるから
Inexpensive trading commissions and costs
売買手数料等の必要コストが安い
Offering low spreads
スプレッドが狭いからOffering good trading and information tools
提供している取引・情報ツールがよいa robust trading system
取引システムが堅固だから
Attractive gifts to new customers
口座開設時にプレゼントがもらえる
Operatingadvantageous swap points for trading
有利なスワップポイントで取引できる
Other
その他

20.0

7.1
7.1
9.6

4.7

41.8

23.6

17.1

27.7
19.6
16.8
8.8
10.3
13.0
3.0

41.1

40.0

for forex margin trading are whether they are a reputablebusiness operator or not (41.8%) and easiness in
Web-based ordering (41.1%), ranked in almost the same
proportion. Then, inexpensive trading commissions andcosts (27.7%) and good reputation spreading by Internet
word of mouth (23.6%) rank next, respectively at the
20-percent level.

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(5) Experience of automated trading processed by a computer program (%, n = 1,000)

Yes,willing to continue
行っている、今後も続けたい

14.5
9.5

40.5

Yes,
but intend to quit
行っているが、今後はやめたい

Notyet, but willing to try
行ったことはないが今後は始めたい

35.5• 24.0% of the respondents have the experience ofautomated trading processed by a computer program.
Those who intend to continue automated trading or who
are willing to try it while having no experience yet accountfor 50.0% in total. Looking into other answers, 40.5%
have neither experience nor intention of trying it, and35.5% are willing to try it while having no experience yet.

Noexperience, no intention of trying
行ったことはなく今後も行いたくない
it in the future

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3. Knowledge and Understanding on Foreign Exchange Margin Transactions and Finance inGeneral(1) Knowledge acquired so far in connection with FX trading (multiple answers) (%, n = 1,000)
0.0

20.0

Trading mechanisms, risk
取引の仕組やリスク管理の知識
management

40.0

60.0

80.0

100.0

84.2
57.8

Taxation
取引に関する税制関連の知識
Fundamental
analysis techniques
ファンダメンタルと分析手法の知識

47.2

Technical
analysis techniques
テクニカル分析手法の知識

50.1
32.0

Mental training
メンタル的な鍛錬に関する知識
Other
その他

0.4

No ideaわからない

2.2

Unconcerned with specific knowledge
特にない

7.1

• We asked what kinds of knowledge the respondents
have acquired in connection with forex margin trading.
The most common answer is the knowledge about
trading mechanisms, trading risks and risk management(84.2%), and the next is the knowledge about taxation
related to forex margin trading (57.8%).
• As for acquisition of new knowledge about forex margin
trading, 53.9% of the respondents desire to learn about
technical analysis, and 47.8% desire to learn about(2) What do you want to learn about FX trading?
(multiple answers) (%, n = 1,000)
0.0

20.0

Trading mechanisms,
risk management
取引の仕組やリスク管理の知識

32.3

Taxation
取引に関する税制関連の知識

31.7

Fundamental
analysis techniques
ファンダメンタルと分析手法の知識

47.8

Technical
analysis techniques
テクニカル分析手法の知識

53.9

40.0

60.0

80.0

100.0

fundamental analysis. Each of these two categories
attracts about 50% of the respondents respectively.

34.3

Mental training
メンタル的な鍛錬に関する知識
Other
その他

0.5

わからない
No idea

3.4

特にない
Unconcerned with specific knowledge

16.3

Copyright ©The Financial Futures Association of Japan, All Rights Reserved.

(3) Do you understand the following terms in the FX glossary? (multiple answers) (%, n = 1,000)
0.0

50.0

100.0

53.2

Bid/ask (offer)
ビッド・アスク（オファー）
Spreadスプレッド
Margin
証拠金
Limit order
指値注文
Stop-limit
order
逆指値注文
If DoneOCO注文、IF OCO,DONE注文
Loss-cut
ロスカット
Swap point
スワップポイントLeverage effect
レバレッジ効果Cashsettlement
差金決済
Slippage
スリッページ
Interbank market
インターバンク市場
Covertransaction
カバー取引
Marry
transaction
マリー取引
Mechanism that allows investors to start either buying or「買い」「売り」両方取引できること
selling a foreign currency
この中で理解しているものはない
Cannotunderstand any of the foregoing terns

73.3
85.2
83.5
75.9
62.1
82.8
80.5
76.4

39.2
50.3
33.9
20.0
11.4
65.7
2.4

• How do the respondents evaluate their overall financial
knowledge in comparison with other regular people (thegeneral public)? Those who consider that they are(4) Self-evaluation of their own level of overall financial
knowledge in comparison with regular people (%, n = 1,000)
0.0

Better-informed
高い

10.0

8.5
32.2

Relatively
well-informed
どちらかといえば高い

30.0

40.0

50.0

better-informed or relatively well-informed account for
40.7% in total, those who consider themselves informedat an average level make up 38.7%, and those who
consider that they are relatively less-informed or poorly
informed account for 18.1%.

38.7

Informed at an average
level
平均的
Relatively
less-informed
どちらかといえば低い

20.0• We asked about the level of understanding of technicalterms related to forex margin trading. The terms
understood by more than 80% of the respondents
include “margin,” “limit order, “loss cut” and “swap point.”
More than 70% understand “leverage effect,” “stop-limit
order” and “spread.” In this way, the respondents are
more familiar with the terms directly linked to executionof transactions than other technical terms.

12.1

Poorly informed
低い

6.0

わからない
No idea

2.5

Copyright ©The Financial Futures Association of Japan, All Rights Reserved.

(5) Level of understanding on annual interest rates (%, n = 1,000)
Q: If you deposit one million yen at 1% per annum, how much is your deposit balance (before tax) after
one year?

1.6

2.8
4.1
101万円
¥1,010,000

6.3

101万365円¥1,010,365¥1, 365,000
136万5千円
Another amount
上記以外

85.2

No Idea
わからない(6) Level of understanding on FX trading profits and losses(%, n = 1,000)
Q: When 1 USD was 100 yen on the market, you bought USD based on a margin equal to one million
yen at a leverage ratio of 1:25. If the USD-JPY rate is subsequently changed with a rise in JPY by 1%,
how much is the profit or loss? (No factors other than exchange rates are considered here.)• To check the respondents’ level of understanding on
annual interest rates, we asked the question about
simple interest calculation. As a result, 85.2% of the
respondents chose the correct answer “1,010,000 yen.”• To check the respondents’ level of understanding on
profits and losses arising from transactions of selling or
buying foreign currencies on margin, we asked thequestion about a calculation of a profit or loss from pricemovements. As a result, 48.3% of the respondents,
nearly a half, chose the correct answer “loss equal to
250,000 yen.”

Loss greater than ¥250,000
損失が-25万円より多い

9.7 12.5
15.6
8.2
5.7

損失がちょうど-25万円
Loss equal to ¥250,000
利益が+25万円より多い
Profit greater than ¥250,000

48.3

利益がちょうど+25万円
Profit equal to ¥250,000
Unable to calculate under the given
本文の条件だけでは答えられない
conditions only

わからない
No Idea

Copyright ©The Financial Futures Association of Japan, All Rights Reserved.

4. Impressions about Foreign Exchange Margin Transactions and Wishes regarding Systems orServices(1) Do you view FX trading as an effective vehicle for increasing financial assets? (%, n = 1,000)
Effective
有効な取引手段だと思う

13.3

6.1

Effective in general
どちらかといえば有効な取引
手段

37.3

Not effective in general
どちらかといえば有効取引手
段でない

43.3

Not effective
有効な取引手段とは思わない(2) Why is FX trading effective for increasing financial assets?
(multiple answers) (%, n = 806)
0.0

20.0
58.6

Expectations for high returns
ハイリターンが期待できるから
Seem
profitable for many investors
多くの投資者が利益を得ているから

15.9

As a tool for hedging foreign currency
外貨建資産の為替リスクヘッジしたい
assetsEasy access to opportunities to invest in
手軽に外国通貨への投資が行える
foreign currencies
For conversion from foreign currencies to
外貨を円に換えられるからJapanese yen
As a costly alternative for investing in
外貨運用に必要な費用が少なくて済む
foreign currencies

17.9

Fitting in with social needs
FXが社会のニーズに合うから

16.1

Other
その他

2.1

40.0

60.0

80.0

100.0

• As to whether or not forex margin trading is an effective
vehicle for increasing financial assets, it is consideredeffective by 37.3% of the respondents and effective in
general by 43.3%, constituting more than 80% in total.
Then, we asked these respondents why forex margin
trading is effective for increasing financial assets. The
most common answer is expectations for high returns,
as chosen by 58.6%, followed by easy access toopportunities to invest in foreign currencies (42.4%) andmore inexpensive costs for investments than other
instruments in foreign currency such as foreign currency
time deposits (30.0%).

42.4
17.9
30.0

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(3) Reasons that FX trading is not viewed as an effective vehicle
to increase financial assets (multiple answers) (%, n = 194)
0.0

20.0

40.0

60.0

80.0

100.0

82.0

High-risk
リスクが高いから

39.7

Many investors suffering losses
多くの投資者が損失を被っているから
No longer interested in investments in foreign
外貨建て資産全般に関心がなくなった
currency assets

2.6

Unconcernedwith derivative trading in general
ﾃﾞﾘﾊﾞﾃｨﾌﾞ取引全般に関心がない

5.7

Difficult to understand the mechanism of
商品内容が難しいから
trading

7.7

Betterto choose foreign currency deposits with
外貨預金で外貨運用を行えばよいから
banks

5.2

NotFXが社会のニーズに合わないから
considered to fit in with social needs

5.7

その他
Other

4.6

investors suffer losses as a result of forex margin
trading.

(4) Preferable measures to improve the FX trading system orservices (multiple answers) (%, n = 1,000)
0.0

10.0

20.0

Regulators’ strict response to unfair transactions

36.7

不公正な取引などへの厳格な対応

Development of adequate rules intended forbeginners at FX trading
初心者などへの適切なルールの整備
Improvement in dishonest brokers’ response tocustomers
不誠実な業者における顧客対応の改善
Enhanced checking and monitoring of brokers’
business
operations and financial conditions
FX取扱業者の業務チェック機能の強化

27.6
31.6

その他

No particular requests

特にない

40.0

50.0

27.8

身に付ける金融リテラシー習得支援

Other

30.0

• How should the forex margin trading systems andservices be improved? 36.7% requested regulators’ strict
response to unfair transactions. Other common answers
include improvement in dishonest brokers’ response tocustomers (31.6%), enhanced checking and monitoringof brokers’ business operations and financial conditions(29.9%), and provision of more enriched information andenhanced services in online trading (29.4%).

29.9

Support for financial literacy education

Toll-free customer service responding to inquiries
about FX characteristics or points to note
特徴や留意点の無料相談窓口の提供
Provision of more enriched information andenhanced services in online trading
ネット取引における情報サービス向上
Institutional improvement with a stronger focus on
customers「顧客本位」を重視した制度面の強化• To the respondents who do not view forex margin trading
as an effective investment vehicle, we asked why they
think so. 82.0% of them said that it is a high-risk
investment instrument, and 39.7% point out that many

14.6
29.4
21.0
2.2
14.8

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(5) Advertisements indicating spreads for FX trading (%, n = 1,000)
Awareof such advertisements, and知っており、見て投資したく思
motivated to invest

う

20.9
39.0

4.0
36.1

Aware
of such advertisements, but
知っているが見ても投資したく
not motivated to invest

ない

Aware
of such advertisements, but
知っているが何のことかわか
cannot understand what they are

らない• Regarding advertisements indicating spreads in forex
margin trading, 39.0% of the respondents said that suchadvertisements have come to their attention andmotivated them to invest. On the other hand, 36.1% saythat such advertisements have come to their attention
but have not motivated them into investments.

知らない
UnawareCopyright ©The Financial Futures Association of Japan, All Rights Reserved.

Note:

This English translation is for reference purposes only. In the event of any discrepancy between the Japanese original and this English

translation, the Japanese original shall prevail. The Financial Futures Association of Japan assumes no responsibility for this translation or for
direct, indirect or any other form of damage arising from the translation.

FY2017 Overview of Financial Literacy Survey of Investors in Foreign Exchange Margin Transactions
The Financial Futures Association of JapanNBF Ogawamachi Building, 1-3 Kanda Ogawamachi, Chiyoda-ku, Tokyo 101-0052 Japan
Address any inquiries concerning this survey to Research/Analysis Project Team (attn.: Kurakata)
Unauthorized reproduction prohibited

Copyright ©The Financial Futures Association of Japan, All Rights Reserved.