The first tropical depression and storm of the 1992 Pacific typhoon season, Axel developed from a significant equatorial westerly wind burst east of New Guinea, alongside two other cyclones, Betsy and Mark, in the Southern Hemisphere, intensifying at an abnormally low latitude.

By January 9, Axel had peaked as a high-end tropical storm, passing near Kosrae and Pingelap in the eastern Caroline Islands.

In the eastern Caroline Islands, Axel caused significant crop loss and infrastructure damage, particularly to airstrips on Pingelap and Mokil atolls.

[2] As a result, on 12:00 UTC on January 4, the Japan Meteorological Agency (JMA) noted that the northern area of convection had developed into a tropical depression.

[2] As a result of favorable upper-level divergence, Axel was able to significantly intensify,[2] with the JMA noting that the cyclone had developed into a severe tropical storm the next day.

This broke pipes and washed sand, coral rock, and debris onto the island, causing the Majuro's water supply to be contaminated.

In nearby Pingelap and Mokil, the airstrips suffered significant damage, causing the runways to be closed for months afterward for repairs.

As Axel passed just north of Pohnpei, the island’s electrical power was knocked out for several hours and many buildings in low-lying areas flooded.

[7] The President of the United States at the time, George H. W. Bush, issued an Emergency Disaster Proclamation for the Marshall Islands due to Axel's extensive damage.