Exchange traded funds that follow Japanese stocks and the movement of the yen have seen assets move in the door after the country’s devastating earthquake and tsunami.

The most popular single-country ETF this year is iShares MSCI Japan (NYSEArca: EWJ), while WisdomTree Japan Total Dividend (NYSEArca: DXJ), ProShares UltraShort Yen (NYSEArca: YCS) and WisdomTree Japan Small Cap (NYSEArca: DFJ) have also been big sellers.

After the earthquake and tsunami, “ETF investors clearly think the reconstruction of Japan is an important investable theme,” according to one market strategist. [Single-Country Stock, Currency ETFs See Growth]

The $7.2 billion iShares MSCI Japan lost 3.6% in the first half of 2011, according to investment researcher Morningstar. The ETF dropped sharply in March as Japan was hit with the natural disasters and a nuclear crisis. It is trading below the February high. [ETF Spotlight on EWJ]

The ETF slipped in premarket action Friday, trading hands at $10.39 a share, right near the midpoint of its 52-week range between $9.20 and $11.61.

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