Invesco CurrencyShares Japanese Yen Trust
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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, 2026 · Filed Aug 7, 2026
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 2026-03-31; filed 2026-05-07.
0001193125-26-209716
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338718
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 25 previous paragraphs and 28 current paragraphs.
20 unchanged; 3 reworded; 4 added; 2 removed; 0 previous and 1 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 (4)
Current report
The Japanese yen (JPY) delivered negative performance during the second quarter of 2026 as higher U.S. interest rates and continued demand for the USD outweighed support from tighter monetary policy in Japan. Rising energy prices associated with the conflict in the Middle East created additional challenges for Japan's import-dependent economy and contributed to inflation pressures. In response, the Bank of Japan (“BoJ”) raised its policy rate to 1.00% in June, its highest level since September 1995, as policymakers continued the gradual normalization of monetary policy. However, U.S. interest rates remained significantly higher than those in Japan, preserving the dollar's yield advantage and contributing to yen weakness against the USD during the period.
Current report
The Japanese Yen (JPY/USD) continued higher in the second quarter of 2025, supported by USD weakness, but also safe haven demand and shifting monetary policy expectations. While the 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 the first quarter 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) delivered negative performance year-to-date through the second quarter of 2026 as higher U.S. interest rates and persistent USD strength continued to outweigh support from tighter monetary policy in Japan. During the first quarter, the yen came under pressure as rising energy prices and geopolitical tensions led investors to reassess expectations for Federal Reserve rate cuts, preserving the dollar's yield advantage. In the second quarter, the BoJ took a significant step toward policy normalization, raising its policy rate to 1.00%—its highest level since September 1995—as inflation pressures increased. However, despite higher Japanese interest rates, policy rates in the United States remained materially higher, continuing to favor the USD. As a result, the narrowing in interest rate differentials was insufficient to offset broader dollar strength, and the yen weakened against the USD over the period.
Current report
The Japanese Yen (JPY/USD) advanced in the first half of 2025, supported by persistent USD weakness and elevated safe haven demand. In the first quarter, deteriorating US sentiment amid global tariff volatility and stagflation concerns pressured the USD, while expectations for BoJ rate hikes supported the yen. In the second quarter, 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 (2)
Previous report
The Japanese Yen (JPY) weakened during the first quarter of 2026, resulting in negative performance for the Fund, with broad U.S. dollar strength serving as the primary driver. While JPY is traditionally viewed as a safe‑haven currency, its appeal was limited by Japan’s relatively low interest rates and continued policy divergence. Prior to the escalation of the Iran conflict, markets largely expected the Federal Reserve to begin cutting rates later in 2026; however, renewed inflation concerns tied to higher energy prices shifted expectations toward a more hawkish Fed stance, reinforcing the dollar’s yield advantage. Meanwhile, the Bank of Japan maintained a cautious and comparatively dovish approach, leaving rate differentials firmly in favor of the U.S. dollar and placing sustained pressure on the Yen over the quarter.
Previous report
The Japanese Yen 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
The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of March 31, 2026 was an annual nominal rate of 0.00%. The following chart provides the daily rate paid by the Depository since March 31, 2021:
Current wording
The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of June 30, 2026 was an annual nominal rate of 0.10%. The following chart provides the daily rate paid by the Depository since June 30, 2021:
Previous wording
During the three months ended March 31, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events. For the three months ended March 31, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve. For the three months ended March 31, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy. Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three months ended March 31, 2026 and 2025 cannot be known, it is believed that they may have independently affected the Closing Spot Rate, the interest rate paid by the Depository, and global economic and market conditions generally, including the number of Shares created and redeemed by the Trust.
Current wording
During the three and six months ended June 30, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part,impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events. For the three and six months ended June 30, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve. For the three and six months ended June 30, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy. Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss)
Previous 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.
Current wording
Additionally, the interest rate paid by the Depository has generally remained flat over the past year to the current interest rate at 0.10%, 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, exceeds interest income, the Trust will incur a net comprehensive loss.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
during the three and six months ended June 30, 2026 and 2025 cannot be known, it is believed that they may have independently affected the Closing Spot Rate, the interest rate paid by the Depository, and global economic and market conditions generally, including the number of Shares created and redeemed by the Trust.