Japan's retail Forex brokers are having a hard time duplicating January and February's great start to the year.

Monex Group, a mid-size Japanese retail FX broker, announced that March volumes came in at ¥126,613 million per day (about $30 billion in monthly volume), down about 28% from February's $41 billion in monthly volume. Still, one of Monex's best months ever.

Monex also owns TradeStation and Interbank FX (IBFX) in the U.S. (For a list of M&A and financing deals in the Forex sector see the LeapRate-Dow Jones Forex Industry Report).

After also seeing Japan market leader GMO Click Securities report March volumes down 17%, it is clear that Janaury and February's stellar start to 2013 has slowed somewhat in one of the world's largest FX markets.

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