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CurrencyShares Japanese Yen Trust ETF (FXY)

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  • Mar. 19, 2014, 3:39 PM
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  • Mar. 14, 2014, 3:10 AM
    • The Nikkei leads Asian stocks lower following more weak Chinese economic data yesterday and amid increased tension in Ukraine, with the Japanese index slumping 3.3%. A sharp rise in the yen overnight didn't help matters.
    • "Japan stocks often take the first hit on bad Asian news, then when the U.S. markets fall later, they react to that as well, resulting in a 'double whammy' effect," says hedge-fund manager Ed Rogers.
    • Hong Kong shares are also suffering as the Hang Seng drops 0.9% and heads for its worst week since May 2012.
    • Elsewhere in Asia, China -0.8% and Indian -0.9%.
    • Meanwhile, Japanese industrial production rose 3.8% on month vs a prior estimate of +4%.
    • On year, output +10.3% vs +10.6%.
    • Capacity utilization +5.9% vs +2.2%.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, JYN, NKY, DBJP, EZJ, EWV, YCL, JPNL, ITF, JGBL, JPP, JGBT, JPNS, JGBB, HEWJ, FJP, EWH, EWHS, FCHI, FHK
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  • Mar. 12, 2014, 2:59 AM
    • Toyota (TM) has agreed to raise base salaries for its Japanese workers for the first time in six years amid soaring profits at the company, with staff set to receive an average increase of 2.9%.
    • Other firms are also increasing wages, including Honda (HMC), Nissan (NSANF), Nippon Steel & Sumitomo Metal (NISTF), retailer Lawson and Daiwa Securities Group (DSEEY).
    • The pay increases signal how major companies are paying heed to the government's exhortations to lift wages as part of the battle against deflation.
    • Separately, Toyota has issued $1.75B of "green" bonds linked to auto loans that will be used to help finance vehicles that are powered by hybrid or alternative fuel.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, JYN, NKY, DBJP, EZJ, EWV, YCL, JPNL, ITF, JGBL, JPP, JGBT, JPNS, JGBB, HEWJ, FJP
    | 3 Comments
  • Mar. 11, 2014, 2:44 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 upgraded its assessment of industrial output and investment but cut its analysis for exports.
    • In a related development, Japanese machine tool orders, a leading indicator of capex, climbed 26% on year in February, although that was down from +40.3% in January.
    • The bank's latest policy decision comes ahead of a rise in sales tax next month that is expected to drag on the economy.
    • The Nikkei is +0.7%, while the USD-JPY is flat at ¥103.31. (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
    | 1 Comment
  • Mar. 10, 2014, 2:36 AM
    • Japan has revised down its Q4 GDP growth calculation to 0.2% from an initial 0.3%, with the economy held back by weaker-than-estimated capex and consumer spending.
    • Annualized GDP was +0.7% vs +1%. (PR)
    • The current-account deficit increased to a record ¥1.59T ($15.4B) in January from ¥638.6B in December. (PR)
    • "Capital spending remains weak and exports are not coming back to strengthen the recovery, and without support in these areas, Japan's economy is going to contract significantly in the second quarter," says economist Yoshimasa Maruyama. "The negative effect from the (upcoming) sales tax rise could be worse than the BOJ and government expect."
    • The Nikkei is -0.9%, while the USJ-JPY is -0.1% to ¥103.12.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JPNL, ITF, JSC, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP
    | 3 Comments
  • Mar. 7, 2014, 4:35 PM
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  • Mar. 4, 2014, 3:58 AM
    • Japanese wages have risen for the first time in almost two years, with base pay inching up 0.1% on year in January, although overall pay dropped 0.2%.
    • Still, the increase in base pay should be encouraging for a government that has been exhorting companies to increase wages as part of the battle against deflation.
    • The figures come as business and union leaders negotiate salaries for the next fiscal year.
    • The Nikkei closes +0.4%, while the USD-JPY is +0.4% at ¥101.82.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP
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  • Mar. 3, 2014, 7:12 AM
    • A check of currencies amid the Ukraine military tension finds money flowing, but not flooding, into the greenback. The dollar is +0.2% vs. the euro (FXE), +0.1% vs. cable, +0.5% vs. the yen (FXY), flat against the swissie (FXF), and up 0.3% vs. the loonie (FXC). The reactions in stocks, commodities, and fixed-income are far greater.
    • Dollar ETFs: UUP, UDN, DBV, FORX, UDNT, UUPT, USDU
    | 1 Comment
  • Feb. 28, 2014, 3:00 AM
    • Japanese industrial production grew at the fastest pace since June 2011 in January, jumping 4% on month after a drop of 0.9% in December and surpassing consensus of +3%. Soaring production of transport equipment and machinery helped to boost output
    • Construction orders surged 15.2% on year vs +4.9% previously.
    • Retail sales leapt 4.4% vs +2.5% in December and expectations of +3.8%. On month, sales +1.4% vs -1.2% previously.
    • Overall household spending +1.1% vs +0.7% prior and forecasts of +0.2%.
    • The strong figures are not a total surprise, as a bump in economic activity has been expected ahead of a rise in sales tax in April, which is forecast to then drag on the economy.
    • Meanwhile, core inflation, which excludes food prices, held steady at 1.3% on year in January, above consensus of 1.2%.
    • Core core CPI, which excludes food and energy, stayed at a 16-year peak of 0.7%.
    • Overall inflation slipped to 1.4% from 1.6% in December.
    • The unemployment rate stayed at 3.7%, as expected, although the number of open positions increased to 1.04 for every person seeking work, the most since August 2007.
    • The Nikkei falls 0.55%, while the USD-JPY is -0.4% at ¥101.70.
    • ETFs: DXJ, EWJ, FXY, YCS, DFJ, JYN, DBJP, NKY, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JPP, JPNL, JPNS, FJP
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  • Feb. 25, 2014, 3:57 AM
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  • Feb. 21, 2014, 7:36 AM
    • Up 2.3% overnight, Japan's Topix reversed a 3% drop the night before, and capped its biggest weekly rally since November, up 3.3%.
    • The Nikkei gained 2.9% last night. DXJ +1.1% premarket
    • ¥2.6T in QE later, William Pesak notes one year of aggressive monetary ease has failed to lift living standards, nor has it convinced companies to boost paychecks. The only inflation Japan is feeling is the kind no one likes: Higher energy prices.
    • BOJ Governor Kuroda's main achievement this year, argues Pesak, is to settle once and for al that the country's problem isn't the amount of yen sloshing around, but how it's used. Unless people borrow and banks lend, the economy won't revive. And don't forget the secular deflationary forces of an aging population and the rise of China.
    • ETFs: DXJ, EWJ, FXY, YCS, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JPNL, JPP, JPNS, HEWJ, FJP
    | 4 Comments
  • Feb. 20, 2014, 2:42 AM
    • Japan's trade deficit more than doubled to a record ¥2.79T ($27.3B) in January from ¥1.3T in December and exceeded consensus of ¥2.49T.
    • Export growth slowed to 9.5% on year from 15.3% and sharply missed expectations of 12.6%.
    • Imports, though, soared 25% vs 24.7% and 21.8%, driven up by the weak yen and significant energy needs because of the closure of the nuclear-power industry.
    • The large trade deficit contributed to GDP expanding at a lower-than-expected 1% in Q4.
    • "If the economy weakens further after a sales tax hike (in April), policymakers could resort to fiscal stimulus as early as summer," says economist Yasuo Yamamoto.
    • However, the trade figures may have been affected by a rush to purchase foreign-made goods before the tax increase and by the Chinese New Year.
    • The Nikkei is -2.15% while the USD-JPY is -0.5% at ¥101.80. (PR)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JPNL, JGBL, JPP, JGBT, JPNS, HEWJ, FJP, JGBB
    | 4 Comments
  • Feb. 18, 2014, 2:56 AM
    • The Bank of Japan has surprised markets by expanding lending facilities that are designed to spur corporate investment by offering low-interest loans to commercial banks in the hope that they will lend the money to businesses.
    • At a policy meeting, the BOJ doubled one program to ¥7T ($68B) and said individual banks could borrow twice as much under another facility.
    • The BOJ also maintained its program of increasing the monetary base by ¥60-70T a year.
    • The boosting of the lending facilities comes after data yesterday showed that Q4 GDP grew a less-than-expected 0.3%. Notwithstanding, the BOJ maintained its view that Japan is recovering moderately.
    • The move helped weaken the yen and the Nikkei to surge 3.3%. The USD-JPY is +0.6% at ¥102.57. (PR)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JGBL, JPNL, JPP, JGBT, JPNS, HEWJ, FJP, JGBB
    | 3 Comments
  • Feb. 17, 2014, 2:48 AM
    • Japanese GDP growth slowed to 0.3% on quarter in Q4 from 0.5% in Q3 and missed consensus of 0.7%.
    • Annualized GDP softened to +1% from +1.1% and undershot forecasts of +2.8%.
    • The GDP deflator, "which measures the change in prices of final goods and services and is considered as a key indicator for inflationary pressures," fell to -0.4% on year from -0.3%.
    • Industrial production +0.9% in December vs -0.1% in November and consensus of +1.1%. On year, output +7.1% vs +4.8%.
    • Capacity utilization +2.2% vs -0.5%.
    • Japan's Q4 economic performance was kept down by strong import growth, which is a negative factor in GDP calculations, and a limited increase in exports.
    • Imports +3.5% on quarter, exports +0.4%, business investment +1.3%, consumer spending +0.5%.
    • The soft growth adds to pressure on Prime Minister Shinzo Abe to detail reforms that will make Japan more competitive. This is especially the case with the upcoming rise in sales tax in April.
    • "This weak export performance gives us a sense of risk that the Japanese economy may significantly stall after April," says economist Takuji Okubo. "Abe really needs to be quick in showing to the market that he can deliver reform."
    • The data comes a day before the Bank of Japan is forecast to leave its monetary policy unchanged.
    • Despite the disappointing GDP, short covering helped the Nikkei end +0.6% following a day of choppy trading.
    • The USD-JPY is -0.1% at 101.73.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JGBL, JPNL, JPP, JGBT, JPNS, HEWJ, FJP, JGBB
    | 34 Comments
  • Feb. 12, 2014, 3:14 AM
    • Japan's core machinery orders, a leading indicator of capital expenditure, plunged 15.7% on month in December, with the fall far greater than expectations for a drop of 4.1%.
    • On year, orders +6.7% vs consensus of +17.6%.
    • Moreover, companies have predicted that core orders will drop 2.9% in January-March, which would be the first decline in four quarters.
    • "Today’s data on machinery cast some doubts on whether the fledgling recovery in business investment will continue," says economist Marcel Thieliant. The government has targeted increased capex as an important element in Japan's battle to end deflation.
    • However, it's worth noting that the data is volatile and the big drop followed a gain in November.
    • The USD-JPY is -0.2% at ¥102.46, while the Nikkei is +0.6%.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JGBL, JPNL, JPP, JGBT, JPNS, FJP, JGBB
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  • Feb. 10, 2014, 2:03 AM
    • Japan's current-account deficit widened to a record ¥638.6B ($6.2B) in December from ¥592.8B in November, due to surging imports - particularly of energy - and the weak yen. Consensus was for ¥685.4B.
    • Temporary factors also contributed to the increase in the deficit, including a sharp increase in demand ahead of a rise in sales tax in April.
    • A surplus in income from overseas investment is helping to ensure that the deficit doesn't become permanent, which would hurt investor confidence. (PR)
    • Consumer confidence slipped to 40.5 in January from 41.3 in December. (PR)
    • Bank lending increased 2.3% last month, as in December. (PR)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, DBJP, NKY, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JGBL, JPP, JPNL, JGBT, JPNS, FJP, JGBB
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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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