The official government inflation rate came out at a lower 2.1% in March, compared to 3.2% in February. According to Shadowstats, the real rate is about 5%. www.shadowstats.com/alternate_data/infla... Japan's aggressive stance on deflating their currency to fight price deflation dominated Asian markets, with the Nikkei climbing again and the Yen falling. These are good for UUP and JOF.
Disclosure: I am long UUP.
Additional disclosure: I also have positions in JOF and JF Japan Fund.