Japan’s largest retail FX broker sees its lowest volumes since December 2012.

Although GMO Click’s forex trading volume metrics are still more than double what they were last year, there is a clear slowdown in forex trading in Japan after a record start to the year.

GMO Click reported September trading volumes at ¥62.8 trillion, or about $634 billion, down 20% from August  — and down 42% from June’s all-time best nearing $1.1 trillion.

The cause? Low volatility. September saw the USDJPY trade in a very tight range between 98-100, with little intra-day action.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.