  Our previous research has confirmed that the USD/JPY rate tends to rise
toward 9:55 every morning in the Gotobi days, which are divisible by five. This
is called the Gotobi anomaly. In the present study, we verify the possible
trading strategy and its validity under the condition that investors recognize
the existence of the anomaly. Moreover, we illustrate the possibility that the
wealth of Japanese companies might leak to FX traders due to the arbitrage
opportunity if Japanese companies blindly keep making payments in the Gotobi
days as a business custom.
