The objective of this study was to assess the effect of physical activity on bone density at the distal radius in healthy perimenopausal (23) and postmenopausal (60) women. The 83 women, aged 40-62 years, were randomized into two groups. The women participated in an exercise program of 40 minutes of jogging and 20 minutes of gymnastics three times a week for 1 year (group 1, n = 46) or 6 months (group 2, n = 37), respectively. Subjects in group 2 served as controls during the first 6 months. They were introduced to exercise classes after the first 6 months of the study and wore wrist weights (0.8 kg on each arm) during the gymnastics session. None of the women were on hormone replacement therapy (HRT). Results show a decrease in bone mineral density (BMD) during the first 6 months of the study in group 1 (2%, p < 0.01) and group 2, although this was not significant for the latter group (1.2%, n.s., p = 0.045). There was no significant change in osteocalcin serum concentration, fasting urinary calcium excretion, and calcium serum concentration during the first half of the study. After an additional 6 months, it was possible to stop BMD loss in both groups. Osteocalcin serum concentration significantly increased, and calcium serum concentration significantly decreased in groups 1 and 2. Fasting urinary calcium excretion decreased in both groups, although this was significant only in group 2 during the 1-year study. In conclusion, it proved possible to prevent BMD loss at the distal radius by our exercise program in perimenopausal and postmenopausal women. The effects of exercise may be general as well as localized. According to our results, additional localized benefits from a specific strength-development exercise may be seen.