Invesco CurrencyShares Japanese Yen Trust
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001193125-26-338718
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450286
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 28 previous paragraphs and 27 current paragraphs.
20 unchanged; 3 reworded; 4 added; 4 removed; 1 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 (4)
Current report
The Japanese Yen (JPY) delivered positive performance during the third quarter of 2026, supported by coordinated U.S.-Japan currency intervention and tighter monetary policy in Japan. After the Japanese Yen weakened to a nearly four-decade low in late July, Japan’s Ministry of Finance and the U.S. Treasury jointly purchased Japanese Yen to counter excessive volatility and disorderly currency moves. The operation, the first coordinated U.S.-Japan intervention to support the Japanese Yen since 1998, helped drive the exchange rate higher. The currency received additional support in September when the Bank of Japan ("BoJ") raised its policy rate by 25 basis points to 1.25% in response to rising inflation risks. Although U.S. interest rates remained higher than those in Japan, the intervention and BoJ tightening helped the Japanese Yen advance over the quarter.
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) delivered modestly negative performance year-to-date through the third quarter of 2026. The currency weakened during the first half of the year as wide interest-rate differentials favored the U.S. dollar and higher energy prices increased costs for Japan’s import-dependent economy. Much of that decline was reversed in the third quarter after Japan’s Ministry of Finance and the U.S. Treasury jointly purchased Japanese Yen at the end of July, lifting the currency from nearly four-decade lows. BoJ rate increases during the year, including a September hike to 1.25%, also signaled a faster pace of policy normalization. However, US interest rates remained materially higher, while concerns about Japan’s fiscal outlook and trade balance kept the Japanese Yen slightly lower over the full period.
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 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 Japanese 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.
Removed paragraphs (4)
Previous 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.
Previous 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.
Previous 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.
Previous 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.
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 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:
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 September 30, 2026 was an annual nominal rate of 0.25%. The following chart provides the daily rate paid by the Depository since September 30, 2021:
Previous 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)
Current wording
During the three and nine months ended September 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 may be considered to be unusual or infrequent events. For the three and nine months ended September 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 nine months ended September 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) during the three and nine months ended September 30, 2026 and 2025 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, including the number of Shares created and redeemed by the Trust.
Previous 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.
Current wording
Additionally, the interest rate paid by the Depository has generally trended upward over the past year to the current interest rate of 0.25%, 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 previous paragraphs (1)
Previous report — wording carried 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.