Invesco CurrencyShares Japanese Yen Trust
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-07.
0000950170-25-105148
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270300
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 30 previous paragraphs and 28 current paragraphs.
20 unchanged; 2 reworded; 6 added; 8 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 (6)
Current report
There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Trust's financial condition, used in the preparation of these financial statements.
Current report
The Japanese Yen (JPY/USD) fell in the third quarter of 2025, erasing some of the gains in the first half of the year. The yen benefited from safe haven demand and a weakening U.S. dollar, while the Fed tilt to dovishness was also supportive from a rate differential perspective. However, this was outweighed by steady Japanese policy rates as the Bank of Japan (BoJ) continued to postpone rate hikes amid political instability and concerns around fiscal sustainability. Leadership changes at the end of the third quarter further delayed investor expectations for rate hikes.
Current report
The Japanese Yen (JPY/USD) rallied significantly in the third quarter of 2024 supported by the surprise hike in Japanese rates in July, and the Fed first rate cut in September. The unexpected hike triggered a sharp unwind of U.S. dollar, Japanese yen carry trades (i.e., borrowing in the Japanese yen and investing it in a higher yielding asset like U.S. treasuries), which further supported the pair. The Bank of Japan (BoJ) also signaled the potential for more hikes to come which marked a pivotal shift from the central bank’s previous, unwavering commitment to its ultra-loose monetary policy. The U.S. dollar was further weighed down by the U.S. equity market downturn, reignited hard landing concerns, and growing uncertainty around the US election.
Current report
The Japanese Yen (JPY/USD) posted gains year-to-date through the third quarter of 2025, though earlier strength was partially unwound by its retreat to end the period. The U.S. dollar was pressured by concerns around the Fed independence and dovishness, economic concerns, the growth of the USD debasement trade, and tariff-related uncertainty, but still managed to move higher in the third quarter. On the other hand, the yen benefited from strong safe haven demand and rate hike expectations by the BoJ for the first half of the year, but the momentum was derailed by fading conviction in rate hikes amid political instability and concerns around fiscal stability in Japan.
Current report
Despite the strong rally in the third quarter of 2024, the Japanese yen (JPY/USD) still ended the first three quarters of 2024
Current report
lower. The pair was heavily pressured in the first half of the year, with prices sliding to the weakest level against the U.S. dollar in over three decades as the BoJ stayed committed to its ultra-loose monetary policy, while the Fed kept on with its higher-for-longer rhetoric amid sticky U.S. inflation. However, the pair managed to make a strong comeback in the third quarter of 2024, erasing most of its previous losses, with the surprise Japanese rate hike in July boosting the yen, while the kickoff of the Fed’s easing cycle and other U.S. macro concerns pressured the dollar.
Removed paragraphs (8)
Previous 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.
Previous report
The Japanese Yen (JPY/USD) continued lower in the second quarter of 2024. In addition to persistent pressures from Fed driven
Previous report
dollar strength, the Bank of Japan (BoJ) maintained its dovish stance. While several central banks kicked off their easing cycles
Previous 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
Previous report
consumption figures – a weak JPY has raised import costs – would pressure the central bank to act. However, on the flip side, soft
Previous report
consumption has kept the BoJ in a more cautious position, keeping price risk skewed to the downside.
Previous 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.
Previous report
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.
Reworded paragraphs (2)
Previous wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025.
Previous 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.
Current wording
During the three and nine months ended September 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 U.S. economic uncertainty for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for both 2024 and 2025, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, U.S. economic concerns, Fed easing expectations and rising geopolitical tensions, on the Trust’s net comprehensive income (loss) during the three and nine months ended September 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.