These individuals became notable for their active participation in currency trading (Forex), which had a significant impact on global currency markets and garnered attention on a worldwide scale.
[2][3][4][5][6][7] The term Mrs. Watanabe was used as early as the 1980s, although a 1997 reference in The Economist became well-known.
[8][10] Despite the "Mrs." honorific, about 85% of the retail currency traders in Japan as of 2019 are male, mostly in their 30s, 40s and 50s.
[11] Gearoid Reidy of Bloomberg News concluded after research that "Mrs. Watanabe"'s meaning changed over time from a Japanese equivalent of Joe Sixpack or Joe Bloggs to specifically referring to FX traders.
[8] Due to the low interest rates in Japan, traders can borrow a large quantity of yen with a margin account, and use it to buy currencies from economies where interest rates are much higher (e.g. Turkish lira, Mexican peso, and South African rand),[11] a carry trade.