After revenues drop 27% in Q3 at Monex, things are even slower in October.

Monex Group of Japan, a mid-size Japanese forex broker which also owns TradeStation and IBFX in the US, reported October average daily forex trading volumes of ¥99.856 billion, down 25% from September. The ¥99.856 billion figure translates into total monthly volumes of $22 billion for Monex.

Monex volumes metrics are now down 59% (!!) from their peak earlier this year, when Monex reported forex trading volumes of $54 billion in April. And the slowdown in volumes comes right after Monex reported that its revenues were down 27% in Q3.

It seems that the enthusiastic return of Japanese retail FX traders to the markets early this year, after the election of new Japanese Prime Minister Shinzo Abe, has subsided somewhat. Gone are the days we saw in the first half of the year when Abe and his finance team would make daily proclamations about quantitative easing and promoting exports, which swung the markets wildly in one direction and then another.

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