The CurrencyShares Japanese Yen Trust (NYSEArca: FXY), which until recently had been one of the best-performing developed market currency ETFs, is off 2.1% over the past month.

“The yen is set to snap three straight months of gains. The BOJ announces its next policy decision on June 16 after refraining from additional easing at the last meeting in late April, opting to take more time to assess the impact of negative interest rates,” according to Bloomberg.

A rising dollar also makes already hot U.S. government debt more attractive to investors, particularly those outside the U.S.

More international investors have piled in to the relatively attractive yields in U.S. government debt as foreign central bank policies have pushed international government yields to near zero or negative in some cases like Japan.

For more information on Currency ETFs, visit our Currency-Hedged category.

PowerShares DB U.S. Dollar Index Bullish Fund