“Investors should not just chase top performers this year and this is a good example,” said Todd Rosenbluth, director of ETF Research at S&P Capital IQ.
The CurrencyShares Japanese Yen Trust (NYSEArca: FXY) was up 1.1% in afternoon trading Thursday, with the Japanese yen appreciating 1.3% against the U.S. dollar. FXY is down 15.9% year-to-date.
“You have a selloff in equity markets that contributed” to yen gains, Geoffrey Yu, a senior currency strategist at UBS AG, said in a Bloomberg article. “Given the correlation, it’s simply risk-off in Japan, yen stronger.”
WisdomTree Japan Hedged Equity Fund
For more information on the Japan, visit our Japan category.
Max Chen contributed to this article.