This study considers correlation between collective emotion and currency exchange rates. Recently, search queries are easily obtained from Web search companies such as Yahoo, Google, and so forth. The relationship between word frequencies and currency exchange rates (volatility) has been studied. However, the study on the number of quotations and transactions is few at this moment. In this study, we use high-resolution interbank market data and investigate correlation between the number of quotations (transactions) and specific word frequencies obtained from Google Trends.

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1. Fluctuation scaling of quotation activities in the foreign exchange market
2. Characteristic periodicities of collective behavior at the foreign exchange market
3. Fluctuation scaling of quotation activities in the foreign exchange market