iPath JPY/USD Exchange Rate ETN (JYN) - NYSEARCA
  • Tue, Jul. 26, 3:04 AM
    • Just two months before the yuan is to be included in the IMF's Special Drawing Rights basket for the first time, the fund's board has adopted a new methodology for calculating the amounts of its global reserve currencies.
    • New weightings of the dollar, euro, yen and pound will be set on Sept. 30 and fixed for five years, pushing the yuan a step closer to being freely usable internationally.
    • ETFs: FXE, UUP, EUO, FXY, YCS, UDN, CYB, ERO, CNY, JYN, USDU, DRR, ULE, EUFX, FXCH, YCL, URR
    | Tue, Jul. 26, 3:04 AM | 5 Comments
  • Mon, Jul. 25, 3:18 PM
    • The BOJ surprised markets in January with a move to negative interest rates, but has disappointed fans of monetary stimulus schemes ever since. The result has been a steady increase in the yen (though the currency has weakened somewhat since the Abe administration consolidated power in this summer's elections).
    • That's supposed to change on Friday, when 85% - according to a Reuters poll - expect the central bank to boost the size of its QE program, and further cut rates into negative territory.
    • The one-week implied volatility of dollar/yen ended last week at its highest level since 2008, according to Credit Suisse, meaning traders are gearing up for big swings in the pair. As for the Nikkei, traders are loading up on call options, and volatility on the WisdomTree Japan Hedged Equity Fund (NYSEARCA:DXJ) is the highest in a year.
    • ETFs: DXJ, EWJ, FXY, YCS, DBJP, JYN, JPNL, EZJ, JEQ, EWV, HEWJ, YCL, JPXN, JPP, FJP, JPN, HGJP, HJPX, HFXJ, JPNH, FXJP, DEWJ, GSJY
    | Mon, Jul. 25, 3:18 PM
  • Thu, Jul. 21, 5:08 AM
    | Thu, Jul. 21, 5:08 AM
  • Wed, Jul. 6, 3:16 AM
    • With the pound in decline and investors flocking back to safe-haven assets, the yen rose overnight to around 100.75 to the dollar.
    • "It's back to double digits for dollar/yen? I think this is a pretty precarious level, and if we break through 100, we should start to hear some rumblings from officials," said Bart Wakabayashi of State Street Global Markets.
    • In addition to the surging currency, Japan's 20-year government bond yield fell below zero for the first time ever and the 30-year was just 0.015%.
    • ETFs: FXY, YCS, JGBS, JGBD, JYN, YCL, JGBL, JGBT, JGBB
    | Wed, Jul. 6, 3:16 AM
  • Mon, Jun. 27, 3:29 AM
    | Mon, Jun. 27, 3:29 AM | 1 Comment
  • Fri, Jun. 17, 12:30 PM
  • Thu, Jun. 16, 2:30 AM
    | Thu, Jun. 16, 2:30 AM
  • Mon, Jun. 13, 5:05 AM
    | Mon, Jun. 13, 5:05 AM
  • Thu, Jun. 2, 2:18 AM
    | Thu, Jun. 2, 2:18 AM | 2 Comments
  • Mon, May 30, 2:49 AM
    • Is Abenomics working? Finance Minister Taro Aso told Japan's parliament over the weekend that PM Shinzo Abe will propose delaying a sales tax hike, from 8% to 10%, for a second time until October 2019.
    • He further plans on proposing a stimulus package in a special legislative session after the July upper house election, where the government will seek a supplementary budget worth ¥5-10T ($45-90B).
    • The Nikkei is up 1.4%, while the dollar heads above ¥111 for the first time since late April (underpinned by last week's rate hike comments from Fed Chair Janet Yellen.)
    • Reports are also coming through the wire that Abe has decided to forego a snap election.
    • ETFs: DXJ, EWJ, FXY, YCS, DBJP, DFJ, JYN, JOF, JPNL, DXJS, EZJ, JEQ, EWV, HEWJ, YCL, SCJ, JPXN, JSC, JPP, DXJH, QJPN, JHDG, JPMV, DXJF, FJP, DXJT, DXJR, JPN, HGJP, DXJC, JDG, HFXJ, HJPX, DEWJ, DDJP, FXJP, JPNH
    | Mon, May 30, 2:49 AM | 8 Comments
  • Sun, May 22, 9:40 AM
    • The United States issued a fresh warning to Japan against intervening in currency markets on Saturday as the two countries' differences over foreign exchange overshadowed a G7 gathering of finance ministers in Japan.
    • Treasury Secretary Jack Lew said he did not consider recent yen moves as "disorderly," but his Japanese counterpart Taro Aso dubbed them "one-sided and speculative."
    • G7 leaders also called for a mix of monetary, fiscal and structural policies to boost demand but left it to each country to decide its own policy priorities.
    • ETFs: FXY, YCS, JYN, YCL
    | Sun, May 22, 9:40 AM | 9 Comments
  • Fri, May 20, 4:00 AM
    • Finance ministers and central bankers from the G7 are gathering in Japan for a two-day meeting that will discuss a broad range of global risks.
    • Among them: swings in oil prices, world growth, Brexit, cybersecurity, tax evasion, monetary policy and financial regulation.
    • A surging yen is also pushing Washington and Tokyo into a standoff over currency intervention, and U.S. officials hope to convince Tokyo to temper its threats of a yen devaluation.
    • ETFs: FXY, YCS, JYN, YCL
    | Fri, May 20, 4:00 AM | 4 Comments
  • Tue, May 3, 7:22 AM
    • via Goldman Sachs:
    • "Seen in isolation, last week’s decision by the Bank of Japan (BoJ) to stay on hold is understandable. After all, the January move into negative rates produced a massive flattening in the JGB yield curve, exceeding anything seen in Apr. 2013 or Oct. 2014. We therefore have some sympathy for Governor Kuroda who said in the press conference that “we decided to watch the effect of QQE with negative rates this time.”
    • "But this meeting did not happen in isolation...
    • "Our view going into last week was that the BoJ needed to grab the bull by the horns and dispel the notion that it is running “out of bullets.” We thought it could do this by shifting the emphasis back to balance sheet expansion by, for example, taking concrete steps to lift housing loans off banks’ balance sheets, something Governor Kuroda floated in a recent speech. Instead, the BoJ seemed intent on teaching the markets to be “patient,” downgrading the inflation forecast yet again while taking no action.
    • "This is a fateful miscalculation in our view. Unconventional easing is above all an expectations game, where it is necessary to shock markets again and again, until they have no reason to question a central bank’s commitment to its inflation target. Preaching “patience” is the opposite, telling markets they expect too much. There is little doubt in our minds that $/JPY will keep falling in the near term, until Governor Kuroda is forced to respond with overwhelming force. We therefore hold to our structural view that $/JPY ultimately will go a lot higher. But in the short term, it will fall.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DBJP, DFJ, JYN, JOF, JPNL, DXJS, EZJ, JEQ, EWV, HEWJ, YCL, SCJ, JPXN, JSC, JPP, JGBL, JGBT, DXJH, JGBB, QJPN, JHDG, DXJF, JPMV, FJP, DXJR, DXJT, JPN, DXJC, HGJP, JDG, HFXJ, HEGJ, HJPX, FXJP, JPNH
    • Now read The Yen's Riddled Road To 100
    | Tue, May 3, 7:22 AM | 5 Comments
  • Mon, May 2, 3:01 AM
    | Mon, May 2, 3:01 AM | 5 Comments
  • Thu, Apr. 28, 3:27 AM
    • The Nikkei has slumped and the yen has jumped after the Bank of Japan surprisingly held off from increasing its monetary stimulus as it looks to take more time to understand the effect of its negative interest rates.
    • The Nikkei is -3.6%, while the dollar is -3.2% at 108.27 yen.
    • Specifically, the BOJ let three key easing tools unchanged: its ¥80T ($732) target for expanding the monetary base, mostly through buying government bonds; the 0.1% negative interest rate; and a program to purchasing riskier assets such as stocks.
    • The BOJ also put back to 2017 its timeframe for achieving its target of 2% inflation, the fourth delay in about a year.
    • The BOJ's lack of action comes despite the strengthening of the yen over the recent period - aside from today - and inflation not picking up.
    • Data today showed that March CPI fell 0.1% on year vs +0.3% in February. Core CPI, excluding fresh food, dropped 0.3% after being flat.
    • BOJ Web site
    • Inflation Report
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DBJP, DFJ, JYN, JOF, JPNL, DXJS, EZJ, JEQ, EWV, HEWJ, YCL, SCJ, JPXN, JSC, JPP, JGBL, JGBT, DXJH, JGBB, QJPN, JHDG, DXJF, JPMV, FJP, DXJR, DXJT, JPN, DXJC, HGJP, JDG, HFXJ, HEGJ, HJPX, FXJP, JPNH
    | Thu, Apr. 28, 3:27 AM | 9 Comments
  • Sat, Apr. 16, 4:39 PM
    • via Barclays: "A major earthquake struck last night in Kumamoto, but did not trigger a tsunami or nuclear accident – the biggest factors exacerbating damages at the time of the 2011 Great East Japan Earthquake – so any effect on the Japanese economy appears likely to be limited. Our outlook for the market is unchanged.
    • "However, some factories in the region may halt operations. Given the sophistication of supply chains in manufacturing, damages at any one factory could still have a widespread effect.
    • "The market has already been monitoring the possibility of the Abe administration compiling a large-scale package of emergency economic measures in May-June and postponing the consumption tax hike scheduled for April 2017. With the earthquake, this possibility may have increased and an announcement could come earlier. There may also be a stronger possibility that he delays the tax hike without dissolving the Lower House and calls a general election to seek a mandate from the Japanese public. In any case, it is still difficult to gauge the earthquake damages at this stage. However, they do not appear to be anywhere near the scale of those resulting from the 2011 Great East Japan Earthquake."
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DBJP, DFJ, JYN, JOF, JPNL, DXJS, EZJ, JEQ, EWV, HEWJ, YCL, SCJ, JPXN, JSC, JPP, JGBL, JGBT, DXJH, JGBB, QJPN, JHDG, DXJF, JPMV, FJP, DXJT, DXJR, JPN, DXJC, HGJP, JDG, HEGJ, HFXJ, FXJP, JPNH
    • Now read The Only Thing Rising In Japan Is The Yen »
    | Sat, Apr. 16, 4:39 PM | 16 Comments
JYN Description
The U.S. dollar/Japanese yen exchange rate is a foreign exchange spot rate that measures the relative values of two currencies, the Japanese yen and the U.S. dollar. When the Japanese yen appreciates relative to the U.S. dollar, the U.S. dollar/Japanese yen exchange rate decreases, the JPY/USD exchange rate increases and the value of the Securities increases; when the Japanese yen depreciates relative to the U.S. dollar, the U.S. dollar/Japanese yen exchange rate increases, the JPY/USD exchange rate decreases and the value of the Securities decreases. The JPY/USD exchange rate is determined by dividing one by the U.S. dollar/Japanese yen exchange rate and truncating the quotient to ten decimal places. Effective December 18, 2008 the U.S. dollar/Japanese yen exchange rate will be the rate reported each day on Bloomberg screen USDJPY WMCO Curncy <GO> at approximately 4:00 p.m., London time, or any successor page.
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