Starting Monday 29 April, several Japanese holidays are observed, the Golden week.
Clients holding positions in JPY related instruments should be aware of how overnight Swaps are applied in this period:
For CADJPY, CHFJPY, EURJPY, GBPJPY, HKDJPY, SGDJPY, TRYJPY, USDJPY and ZARJPY an 11-day Swap to value 7 May will be applied at the end of day settlement on Wednesday 24 April. At settlement on 25 April a one day Swap will be applied. There will be a total of six days without swaps until settlement on 6 May when a normal 1-day swap will be applied again.
For AUDJPY and NZDJPY: An 11-day Swap was applied at settlement on 23 April. There will be no swaps on 24 April and a one day swap on Settlement of 25 April. Same as the other instruments, there will be no further swaps until settlement of 6 May.
Please beware that liquidity for JPY instruments may be poor and price spreads larger than normal due to the absence of many Japanese traders.
The detailed market closures can be found here.