Exchange traded funds tracking the Japanese yen/U.S. dollar exchange rate have been hammered lately on currency interventions by Japan's central bank and easing tensions over Europe's crisis, which is lowering demand for safe havens.
The Japanese yen was one of the worst performing currencies last week after the Bank of Japan decided to buy more bonds to help push the currency down. Yen-focused exchange traded funds such as the CurrencyShares Japanese Yen Trust (NYSEArca: FXY) are under pressure.
"Most (including us) acknowledge that these latest BOJ announcements were radical and a first step towards debt monetization. In the near term this is an important negative development for the currency," wrote analysts at JP Morgan, WSJ.com reports. (etftrends.com)
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