The CurrencyShares Japanese Yen Trust, an exchange traded fund from Rydex Investments, is up 2.6% and has attracted $360 million since its introduction on the New York Stock Exchange a month ago, MarketWatch reports. Many traders believe that what’s boosted the yen in recent weeks is a deceleration in yen carry trades and traders buying the currency as a result. Some also believe the Japanese economy is now on solid ground.
Rydex admitted it didn’t know ahead of time that this was a particularly opportune time to launch a yen currency fund. “Timing is everything with ETF launches, but it’s not like our crystal ball was especially clear this time,” said Steve Sachs, director of trading at Rydex.