Tokyo Session

The Tokyo session, often called the Asian session, is the first major trading window of the forex day. It runs roughly from 00:00 to 09:00 GMT and covers activity in Tokyo, Singapore and Hong Kong, with Sydney opening slightly earlier. Volume is dominated by yen pairs, the Australian and New Zealand dollars, and regional corporate and exporter flows. Compared with London, the Tokyo session usually shows narrower ranges and steadier price behaviour, which is why range and mean-reversion approaches are often associated with it. Liquidity is thinner in non-Asian crosses, so spreads on those can widen. The highs and lows formed during Tokyo frequently act as reference levels once European traders arrive.