The non-hedged iShares MSCI Japan ETF (NYSEArca: EWJ) brought in $240.2 million in inflows so far this month, which suggests that some traders believe that the Japanese yen, which has remained relatively flat against the U.S. dollar this year, may not see significant weakness ahead.

The CurrencyShares Japanese Yen Trust (NYSEArca: FXY), which tracks yen movements against the dollar, has gained 0.4% year-to-date. The Japanese yen currency now trades at about 119.35 per dollar.

Moreover, Japanese equities are strengthening as companies including Dentsu Inc., Dai Nippon Printing Co. and Marui Group Co. plan to repurchase shares, Bloomberg reports. [A Good Year for Japan ETFs]

“Companies giving back to shareholders through moves like share buybacks and boosting dividends has increased,” Soichiro Monji, chief strategist at Daiwa SB Investments Ltd, said in the article. “That’s supportive for the market.”

For more information on the Japanese market, visit our Japan category.

Max Chen contributed to this article.