Invesco Currencyshares Japanese Yen Trust

FXY tracks the changes in value of the Japanese yen relative to the US dollar.

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Wall Street delivered a solid rally in the first nine months of 2024.

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ProShares Ultra Yen

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The “real” policy rate is massively negative, with the new policy rate of 0.25% far below Core CPI of 2.6%. When QT reaches about ¥3 trillion per month in 2026, it would represent a reduction of its JGB holdings of about 0.5% per month.

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As the tech stocks crashed lately due to the apparent "AI fatigue", safe-haven ETFs may come to your rescue.

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The Invesco CurrencyShares Japanese Yen Trust ETF provides exposure to the yen, which has been the worst performing G7 currency for several years. Recent changes in BoJ policies and currency interventions may signal a potential turnaround for the yen. USD/JPY has broken its trendline and a break back through 152 could signal a significant change in trend.

FXY: Yen Exposure In A Time Of Change

Japan has been struggling for some time to generate enough velocity in inflation to escape the gravitational pull of deflation. The story for the rest of 2024 and into 2025 is now centered on whether inflation will be sustained at the BOJ's 2% target.

Escape Velocity: Japan's Drift Toward Sustained Inflation

Japan's Ministry of Finance revealed that the country has conducted its first currency intervention since October 2022, aimed at stabilizing the yen following its decline to a 34-year low in April.

ETFs to Watch on Japan's First Yen Intervention Since 2022

A weak yen is unlikely to end the positive momentum in Japanese equities. The drivers of the recent rally remain, so we stay overweight Japanese stocks.

Weak Yen Unlikely To End Japan's Rally

The Japanese Yen has reached its lowest level since the 1980s, experiencing a significant devaluation trend. The Yen's devaluation to gold is more significant than its devaluation to the dollar, indicating potential economic and financial issues in Japan. With a total public and private debt to GDP over 500%, Japan cannot raise rates without creating an economic crisis.

FXY: The Japanese Yen Will Determine The Future Of Currency

The Bank of Japan is set to normalise monetary policy when certain conditions are met, namely inflation, positive real cash earnings, and a recovery in domestic demand growth. We expect the window for normalisation to open from July for about a year before inflation begins to fall below 2%.

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Wall Street has delivered weak performances since the start of Q2. These safe-haven ETFs can help keep your portfolio secure.

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Kazuo Ueda becomes Governor of the Bank of Japan, continuing the loose monetary policies implemented by his predecessor. The BOJ raises short rates from -0.1% to 0.1%, becoming the last central bank to exit a Negative Interest Rate Policy.

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The Bank of Japan has now ended decades of unconventional and aggressive monetary easing. Strong wage negotiation results played a crucial role in today's move.

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Driven by increased bets of interest rate cuts and a rising trend towards de-dollarization, the greenback is gradually losing its global dominance.

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Wall Street surged to close out February with the S&P 500 and Nasdaq Composite notching their best February since 2015.

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The Japanese Yen continues to be weak against major global currencies due to the Bank of Japan's negative interest rates policies and high inflation.

FXY: Japanese Officials Warn Of Interventions Again

The Bank of Japan stood pat on monetary policy today as widely expected. But the market is now paying attention to a more positive tone on the wage and inflation outlook, as well as an upgrade to the FY2024 inflation outlook which lays the groundwork for policy normalisation.

Bank of Japan Opens The Door To Ending Negative Rates, But Timing Uncertainty Remains

After years of weakness, the Yen has finally seen a sharp reversal in recent weeks. The move hinges on some fairly aggressive assumptions, though, and might not prove sustainable. In any case, Invesco's negative yielding CurrencyShares Japanese Yen Trust doesn't offer the best risk/reward here.

FXY: Too Fast Too Furious For The Japanese Yen

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The greenback???s subdued future expectations, driven by different economic factors, increase the need to hedge and diversify one's portfolio.

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Things were looking tough for the BoJ as recently as this summer, when the country's core CPI bolted north of 4%, far beyond the 2% inflation target that major central banks view as ideal. The Bank of Japan is being reactive to an inflation threat that may very well be in the rearview mirror.

Declining PPIs Perpetuate Japan's TINA Trade

The debate over the future of Japan continues. Because of its small footprint, we often forget the oversized role Japan plays in the global economy.

Japan's Future Remains An Issue Of Debate

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The IMF, the World Bank, and the United Nations all rank China and Japan as the second and third largest economies on the planet. More of what is occurring in the markets should reflect what is happening in China and Japan which are strongly linked economically.

China Could Derail Japan's Fragile Recovery

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Gaza militants' surprise attack on Israel last week has led to a shocking toll, with over a thousand casualties.

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The FXY is a way to go long on the yen relative to the USD. The yen has depreciated YTD due to Fed rate hikes and Japanese ultra-dovishness. New BoJ governor, Ueda, may end up being more hawkish, but the current speculation on the yen may have prompted the signaling, and not fundamentals.

FXY: Possible Upside, But Don't Underestimate Japanese Modesty

The Invesco CurrencyShares Japanese Yen Trust offers investors an opportunity to take advantage of the undervalued Japanese yen and changing monetary policies. The yen has lost 50% of its value against the dollar in real terms since 2012 due to ultra low interest rates, which may finally be coming to an end. There are signs that the monetary policy divergence between Japan and the US is set to reverse, which should lead to a rise in the yen's value and the FXY.

FXY: The Japanese Yen Likely To Rise Again

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Marc Chandler and James Foord discuss international markets, economies and currencies. Has the Fed conquered inflation?

Falling Inflation, Dollar Dominance And PBOC Moves With Marc Chandler

News for Invesco Currencyshares Japanese Yen Trust ETF (FXY)