ETF investors are apparently questioning the veracity of the yen’s recent, albeit modest, rise. Since the start of June, the WisdomTree Japan Hedged Equity Fund (NYSEArca: DXJ) and the Deutsche X-trackers MSCI Japan Hedged Equity ETF (NYSEArca: DBJP) have pulled in $407.9 million and $141 million in new assets, respectively. Those June inflows bring DXJ’s year-to-date inflows to $4.2 billion, a total surpassed by just five other ETFs. [Pros Missing out on Japan ETF Strength]

DBJP has impressed as well, adding over $633 million in new assets, or nearly half the $1.3 billion in assets currently held by the ETF.

Short sellers have another issue to contend with when it comes to Japanese stocks: Increased buyback announcements. For the 12 months ended April 30, the buyback yield on five of eight WisdomTree Japan dividend and sector indexes climbed with sharp gains seen in the technology and media space along with the capital goods sector, according to issuer data.

Deutsche X-trackers MSCI Japan Hedged Equity ETF