Invesco CurrencyShares Japanese Yen Trust
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
FXY$57.79-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067197
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105148
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 24 previous paragraphs and 30 current paragraphs.
20 unchanged; 3 reworded; 7 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
The Japanese Yen (JPY/USD) continued higher in the second quarter of 2025, supported by US dollar weakness, but also safe haven demand and shifting monetary policy expectations. While the Bank of Japan (BoJ) held its policy rate steady amid escalating U.S. tariff uncertainty, the yen still benefited from rising global turmoil, heightened geopolitical tensions in the Middle East, and falling bond yields globally. Japan’s export-heavy economy faced renewed pressure from trade tensions, but a sharp rise in capital expenditure in Q1 and resilient domestic data helped offset some of the drag. With domestic inflation still above target and the BoJ being one of the few central banks maintaining a tightening bias, the yen held its ground.
Current report
The Japanese Yen (JPY/USD) continued lower in the second quarter of 2024. In addition to persistent pressures from Fed driven
Current report
dollar strength, the Bank of Japan (BoJ) maintained its dovish stance. While several central banks kicked off their easing cycles
Current report
over the quarter, global interest rates still remain well above Japan’s near-zero rates. The pair spiked a bit in May on hopes that weak
Current report
consumption figures – a weak JPY has raised import costs – would pressure the central bank to act. However, on the flip side, soft
Current report
consumption has kept the BoJ in a more cautious position, keeping price risk skewed to the downside.
Current report
The Japanese Yen (JPY/USD) advanced in the first half of 2025, supported by persistent US dollar weakness and elevated safe haven demand. In Q1, deteriorating US sentiment amid global tariff volatility and stagflation concerns pressured the USD, while expectations for BoJ rate hikes supported the yen. In Q2, the BoJ held rates steady despite rising inflation, but renewed trade tensions, particularly U.S. tariffs on Japanese auto exports, added pressure to Japan’s economy. Still, resilient domestic data and a persistent tightening bias from the BoJ helped the yen maintain strength. Global investor caution and rising geopolitical tensions in the second quarter also boosted the yen’s safe haven appeal.
Removed paragraphs (1)
Previous report
The Japanese yen (JPY/USD) ended the first quarter of 2025 higher, largely thanks to US dollar (USD) weakness. Macroeconomic concerns ignited by shifting global tariff policies and mounting stagflation fears dented consumer, investor, as well as business sentiment in the US, leading to a sharp downturn in domestic financial markets. Moreover, the JPY is also gaining support from safe haven demand amid dissipating risk appetite, and expectations for rate hikes by the Bank of Japan, in contrast to rate cuts by the Federal Reserve.
Reworded paragraphs (3)
Previous wording
During the three months ended March 31, 2025 and 2024, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust’s net comprehensive income (loss) during the three months ended March 31, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
Current wording
During the three and six months ended June 30, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US economic concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US economic concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and six months ended June 30, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
Previous wording
The Japanese Yen (JPY/USD) continued lower in the first quarter of 2024, sliding to the weakest level against the USD in nearly 34 years. While the pair recovered slightly in early March after the Bank of Japan (“BoJ”) raised rates for the first time since 2007, those gains were short-lived. Contrary to what the market had hoped, the central bank remained committed to its ultra-loose monetary policy. On the other hand, the USD stayed strong through the quarter, supported by the Fed’s higher-for-longer rhetoric, stickier-than-expected US inflation, US economic resilience, and heightened geopolitical tensions.
Current wording
The Japanese Yen (JPY/USD) continued to move lower in the first half of 2024, sliding to the weakest level against the US dollar in over three decades. While the pair recovered slightly in early March after the Bank of Japan (BoJ) raised rates for the first time since 2007, those gains were short-lived. Contrary to what the market had hoped, the central bank remained committed to its ultra-loose monetary policy, even despite soft consumption data. On the other hand, the US dollar stayed strong, supported by the Fed’s higher-for-longer rhetoric, stickier-than-expected US inflation, US economic resilience, and heightened geopolitical tensions.
Previous wording
Additionally, the interest rate paid by the Depository has generally trended upward over the past year to the current interest rate of 0.00%, as set forth in the FXY Rate Chart above. As long as the Sponsor’s fee and the interest expense on currency deposits, if any, exceed interest income, the Trust will incur a net comprehensive loss.
Current wording
Additionally, the interest rate paid by the Depository has generally remained flat over the past year to the current interest rate of 0.00%, as set forth in the FXY Rate Chart above. As long as the Sponsor’s fee and the interest expense on currency deposits, if any, exceed interest income, the Trust will incur a net comprehensive loss.