CurrencyShares Japanese Yen Trust ETF
 (FXY)

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  • Dec. 26, 2013, 4:26 AM
    • The Bank of Japan could face a problem if it wants to expand its already massive monetary stimulus: a shortage of new bonds to buy. Even at the current rate of purchases, the policy could hit trouble after over two years.
    • As a result, says former BOJ board member Atushi Mizuno, the bank may hold off from loosening policy further until late next year, which would give it time to assess the impact of a hike in sales tax in April as well.
    • The BOJ could also stop buying Japanese government bonds every month and instead only do so when long-term rates rise above a certain level.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, JSC, ITF, JGBL, JPP, DXJS, JPNL, JGBT, JPNS, FJP, JGBB
    | Dec. 26, 2013, 4:26 AM | 4 Comments
  • Dec. 25, 2013, 2:03 PM
    • “It is necessary to break the rules of game that prevailed in the deflation equilibrium,'” BOJ governor Haruhiko Kuroda said Wednesday, in his year-end speech.
    • Kuroda — who sees the CPI remaining slightly above 1% in H1 2014 — says Japan must avoid the self-perpetuating deflationary spiral that can occur if companies and individuals stop spending money in anticipation of lower prices in the future.
    • Separately, Prime Minister Shinzo Abe indicated that he is determined to prevent a planned sales tax hike from jeopardizing Japan's economic recovery.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, JSC, ITF, JGBL, JPP, DXJS, JPNL, JGBT, JPNS, FJP, JGBB
    | Dec. 25, 2013, 2:03 PM | 8 Comments
  • Dec. 22, 2013, 2:31 AM
    • Japan's government has adopted a record ¥95.88T ($921B) budget for the fiscal year starting in April, which will include increased spending on social security, defense and public works.
    • However, the government is also trying to limit further growth of its massive debt, and it will reduce the issuance of new revenue bonds to ¥41.25T from ¥42.9T this year.
    • Economist Yoshimasa Maruyama is not convinced. "The government needs to show that it’s moving in the right direction on fiscal discipline but this budget lacks punch," Maruyama says. "The government must cut spending to reach the planned target of a surplus in 2020."
    • The budget also forecasts that real GDP will grow 1.4% and nominal GDP 3.3%.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, JSC, ITF, JGBL, JPP, DXJS, JPNL, JGBT, JPNS, FJP,
    | Dec. 22, 2013, 2:31 AM | 12 Comments
  • Dec. 20, 2013, 2:36 AM
    • As expected, the Bank of Japan has left its key interest rate at 0.1%, and maintained its program of expanding the monetary base by ¥60-70T a year.
    • The BOJ expects the annual rate of core CPI to rise "for the time being" and maintained its view that the economy will continue recovering moderately. However, the bank believes that demand will increase before a rise in sales tax in April and then fall after the hike is implemented.
    • The Nikkei is +0.1% following a sharp rise yesterday and ahead of a three-day weekend, while the yen has fallen against the dollar, with the USD-JPY +0.2% to ¥104.43. (BOJ Statement)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, JGBL, JSC, JPP, ITF, DXJS, JGBT, JPNL, JPNS, FJP
    | Dec. 20, 2013, 2:36 AM
  • Dec. 18, 2013, 4:29 AM
    • Bank of Japan policy makers reportedly believe that the BOJ has significant scope to increase the rate of its bond purchases if it needs to in order to meet its 2% inflation target.
    • The officials aren't too worried about the perception that the bank is underwriting fiscal deficits, but they want more time to assess price trends.
    • The BOJ is due to start a two-day policy meeting tomorrow.
    • The bank's considerations come as speculation emerges that Japanese Prime Minister Shinzo Abe could provide more details of his economic reform plan this week.
    • That has apparently helped the Nikkei to rise 2%, while the USD-JPY is +0.3% to ¥102.96.
    • Better-than-expected exports may also have been a factor in the Nikkei's gains. Interestingly, the volume of merchandise exports rose 6.1% on year - the sharpest increase in a year and a half - indicating that the weak yen isn't just boosting the value figure.
    • The fall in the currency was again a factor in the rise in imports, as were Japan's huge energy requirements.(PR)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, JSC, JGBL, JPP, ITF, DXJS, JGBT, JPNL, JPNS, FJP
    | Dec. 18, 2013, 4:29 AM
  • Dec. 17, 2013, 9:18 PM
    | Dec. 17, 2013, 9:18 PM | 1 Comment
  • Dec. 15, 2013, 7:20 PM
    | Dec. 15, 2013, 7:20 PM | 1 Comment
  • Dec. 13, 2013, 4:09 AM
    | Dec. 13, 2013, 4:09 AM
  • Dec. 11, 2013, 3:27 AM
    • As expected, Japanese machinery orders rose 0.6% in October vs -2.1% in September.
    • On year, bookings +17.8% vs +11.4% previously and consensus of +15%.
    • The figures "should ease concerns that the fledgling recovery in business...(investment) has already come to an end," says Economist Marcel Thieliant. Q3 GDP was revised down earlier this week, partly due to lower-than-expected business expenditure.
    • Core orders topped ¥800B for the third consecutive month for the first time since 2008. The trend "points to a renewed rise in capital spending" in Q4, says Thieliant.
    • The Nikkei  is -0.6%, while the USD-JPY is -0.2% at ¥102.60. (PR)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, JSC, JPP, JGBL, ITF, DXJS, JGBT, JPNL, JPNS, FJP
    | Dec. 11, 2013, 3:27 AM
  • Dec. 9, 2013, 2:55 AM
    • Japan's Q3 GDP has been revised down to +0.3% on quarter from a previous estimate of +0.5% and +0.5% in Q2.
    • On year, GDP +1.1% vs +1.9% and +1.9%. (PR)
    • Bank lending +2.2% in November vs +2% in October. (PR)
    • Current account deficit ¥127.9B ($1.24B) in October vs surplus of ¥587.3B in September and consensus of ¥153B. (PR)
    • "A downward revision in capital expenditure was what weighed on the revised figures," says RBS Securities Japan chief economist Junko Nishioka. However, the figures mark the bottom of the capex cycle, Nishioka says. "I expect capital spending to return to a recovery trend in the October-December quarter," she predicts.
    • The Nikkei is +2.3% and the USD-JPY is +0.2% at ¥103.05, with the stock index and the dollar boosted by the strong U.S.  jobs report on Friday.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, JSC, JPP, JGBL, ITF, DXJS, JGBT, JPNL, JPNS, FJP
    | Dec. 9, 2013, 2:55 AM
  • Dec. 5, 2013, 3:49 PM
    • "This is just the beginning. It's not the real move," says Kyle Bass (speaking to Steven Drobny) of the move down in the yen (FXY +0.6%) this year. "The real move happens when it runs away from the authorities and they lose control." On the record as saying dollar/yen goes to ¥200, Bass says if he's right about Japan, it will go much further than that. ¥500? No, but once currencies get moving in a certain direction, they often swing way too far.
    • Wake me when dollar/yen goes to ¥350, says Bass when asked at what point he becomes a buyer in Japan.
    • Japan ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, SCJ, YCL, JSC, JPP, JGBL, ITF, DXJS, JGBT, JPNL, JPNS, FJP
    | Dec. 5, 2013, 3:49 PM
  • Dec. 5, 2013, 4:01 AM
    • As flagged, Japan's cabinet has approved an ¥18.6T ($182B) stimulus plan to offset a hike in sales tax that is due to go into effect in April.
    • However, there's a bit of smoke and mirrors in play, as much of the package includes investment that was already scheduled.
    • The scheme has raised concerns that Japan remains addicted to using stop-gap measures to run economic policy.
    • Still, the cabinet expects the measures to add 1% point to GDP and create around 250,000 jobs, although economist Hiroshi Miyazaki isn't as optimistic.
    • The yen is -0.3% at ¥102.05 and the Nikkei -1.5%.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, SCJ, YCL, JSC, JPP, JGBL, ITF, DXJS, JGBT, JPNL, JPNS, FJP
    | Dec. 5, 2013, 4:01 AM | 3 Comments
  • Nov. 29, 2013, 8:15 AM
    • With the yen back near its low for the year, CFTC data show investors are piling back into bets against the currency. The move is paying off for those who got in early - after strengthening to ¥94 (to the dollar) from about ¥103 this summer, the yen has slipped all the way back to ¥102.29, with most of the move coming in the last month.
    • Easily the macro play of the year (before going off the rails as described above), the yen crumbled from ¥80 to more than ¥100 with barely an uptick as PM Shinzo Abe took power promising to do whatever it took to break deflation's grip. The ¥103 level looks to be what technicians like to call "resistance."
    • Yen ETFs: FXY, YCS, JYN, YCL
    | Nov. 29, 2013, 8:15 AM
  • Nov. 29, 2013, 4:45 AM
    • Unemployment held steady at 4% in October, slightly above forecasts of 3.9%, while the number of jobs edged up.
    • As expected, growth in overall household spending slowed to 0.9% on year from +3.7% in September.
    • Workers' incomes declined an average of 1.3%.
    • Manufacturing PMI rose to 55.1 in November from 54.2 in October.
    • "Business conditions in the Japanese manufacturing economy improved for the ninth consecutive month...driven for the most part by an expansion of both foreign and domestic demand," Markit says. (PR)
    • The 0.3% rise in "core core" CPI was the first gain since October 2008 and the biggest since 1998. The 0.9% increase in core CPI was the highest in five years.
    • The Nikkei closed at -0.4%, while the yen is flat at ¥102.33. (Previous)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, SCJ, YCL, JSC, JGBL, JPP, ITF, DXJS, JGBT, JPNL, JPNS, FJP
    | Nov. 29, 2013, 4:45 AM | 1 Comment
  • Nov. 29, 2013, 2:57 AM
    • The heat over the islands dispute in the East China Sea has been turned up further, with China sending fighter jets and an early warning aircraft into an area that the country last week designated as an Air Defense Identification Zone.
    • China's action follows the U.S., Japan and South Korea sending military planes into the region without telling Beijing first, in defiance of the latter's directives that they should provide prior notification.
    • However, China also played down the threat of the military action it had threatened against aircraft that hadn't informed it of their intentions.
    • China and Japan lay claim to the islands, which are known as Senkaku in the latter country and Diaoyu in China. The last flare-up a year ago caused much damage to trade between the nations.
    • China ETFs: FXI, GXC, PGJ, FXP, YINN, YANG, MCHI, PEK, XPP, YAO, ASHR, CHXF, YXI, FCA, TCHI, CHNA
    • Japan ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, SCJ, YCL, JSC, JGBL, JPP, ITF, DXJS, JGBT, JPNL, JPNS, FJP
    | Nov. 29, 2013, 2:57 AM | 1 Comment
  • Nov. 28, 2013, 8:12 PM
    | Nov. 28, 2013, 8:12 PM | 29 Comments
FXY Description
CurrencyShares Japanese Yen Trust is designed to track the price of the Japanese Yen net of Trust expenses, which are expected to be paid from interest earned on the deposited Japanese Yen.
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