I started trading the USD/JPY on IB recently. I bought and sold JPY and have no open positions right now. Yet when I look at my Market Value table, it shows my cash profit in JPY. Why is that? Shouldn't my profits be in the base currency (i.e USD) or is there a "settling" period?
I believe IB posts all P/L in the base currency - so in this case, JPY (e.g. if you were to place a EURUSD trade, your P/L will show in USD).