But in perspective, May’s dip to $48 billion comes after Monex had its best-ever month in April.

Mid-size Japanese retail forex broker Monex Group reported that its May FX volumes dropped by 11%, to ¥216 billion per day (which works out to about $48 billion in volume for the month). Monex had its best-ever month in April at $54 billion. Nevertheless, larger rival GMO Click continued to show growth in May, coming in at a whopping (and record-setting) $950 billion in FX volume.

Monex has been taking some innovative steps to try and play catch-up with the larger Japanese FX brokers, such as GMO Click and DMM. It recently became the first Japan FX broker to offer clients the alternative of trading with the Tradable app store.

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