We study micromotion in two-dimensional periodically driven systems in which all bulk Floquet eigenstates are localized by disorder. We show that this micromotion gives rise to a quantized timeaveraged orbital magnetization density in any region completely filled with fermions. The quantization of magnetization density has a topological origin, and reveals the physical nature of the new phase identified in P. Titum, E. Berg, M. S. Rudner, G. Refael, and N. H. Lindner [Phys. Rev. X 6, 021013 (2016)]. We thus establish that the topological index of this phase can be accessed directly in bulk measurements, and propose an experimental protocol to do so using interferometry in cold-atom-based realizations. DOI: 10.1103/PhysRevLett.119.186801 Periodic driving was recently introduced as a means for achieving topological phenomena in a wide variety of quantum systems. Beyond providing new ways to obtain topologically nontrivial band structures [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15], periodic driving can give rise to wholly new types of topological phenomena without analogues in equilibrium [16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32].In a periodically driven system, the unitary Floquet operator acts as a generator of discrete time evolution over each full driving period. As in nondriven systems, the spectrum and eigenstates of the Floquet operator can be classified according to topology [2,4,16]. However, in addition to the stroboscopic evolution of the system, the micromotion that takes place within each driving period is crucial for the topological classification of periodically driven systems [17][18][19][20][21][24][25][26][27][28].Here we uncover a new type of topological quantization phenomenon associated with the micromotion of periodically driven quantum systems. We focus on periodically driven two-dimensional (2D) lattice systems in which all bulk Floquet eigenstates are localized by disorder (see Fig. 1). We show that, within a region where all states are occupied, the time-averaged orbital magnetization density ⟪m⟫ is quantized, ⟪m⟫ ¼ ν=T, where ν is an integer and T is the driving period. The bulk observable ⟪m⟫ thus serves as a topological order parameter, characterizing the topologically distinct fully localized phases found in Ref. [22]. We propose a bulk interference measurement to probe this invariant in cold-atom systems.Topological invariants are often associated with quantized response functions. Famously, the Hall conductivity of an insulator is proportional to the Chern number [33]. Interestingly, topology in driven systems may directly give rise to quantization of time-averaged observables, such as the pumped current in the Thouless pump [34]. Similarly, the response of magnetization density to changes of chemical potential in a quantum Hall system is quantized when the chemical potential lies in an energy gap [35][36][37]. In contrast, here we find quantization of the magnetization density itself.For concreteness, we consider a periodically driven two-dimen...