Market News

Jul. 18, 2025 OSEJSCC 20-year JGB Futures: Trading Volume and Open Interest Hit Highest Levels Since 2014

On July 14 and 16, 2025, trading volume for mini 20-year JGB Futures reached 750 contracts (JPY 7.5 billion in face value). Open interest rose to 1,565 contracts (JPY 15.65 billion in face value) on July 17, 2025. These represent the highest levels since the market’s relaunch on April 7, 2014.
Monthly trading volume in July reached 3,924 contracts (JPY 39.24 billion in face value) as of July 18, marking the highest level since the market’s relaunch as well.

10-year JGB futures remain the most widely used hedging tool of JPY interest rate risks. However, in April and May 2025, sharp fluctuations in the super-long-term ranges of over-the-counter (OTC) JGB and interest rate swap markets prompted market participants to reaffirm the importance of 20-year JGB Futures.

Consequently, the mini 20-year JGB Futures market has been steadily expanding, with a growing number of market participants engaging in the market since July 2025.

JPX group companies offer a variety of products and services to meet the demand for diverse interest rate risk management tools, from short-term to super-long-term.

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