ProShares UltraShort Yen

U.S. commodity exporters and pharmaceutical companies are among the top traders, with Japan casting a cautious eye toward the foreign exchange markets, in the coming days. Top exporters with significant Japanese interests include Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX). The weak yen which, on Wednesday, fell to a 34-year low against the dollar, has been a boon for Japanese exporters, but it makes the country’s imports more expensive. But it’s a stable economy with low — almost non-existent — levels of inflation, which make it an attractive investment location for many U.S. companies. Also Read: Magnificent 7 Stocks Become The Star Attractions For Norway’s Sovereign Wealth Fund Supporting The Yen In The FX Market? However, Japanese monetary authorities could be about to throw confusion into the dealings between the two countries, as there’s talk of market intervention by the Bank of Japan to prop up the ailing yen. Earlier this month the BoJ raised its key interest rate for the first time in 17 years. Edging the rate from ...Full story available on Benzinga.com

Related tickers: UUP, YCS, CVX, LLY, XOM.

The U.S. dollar fell sharply against the Japanese yen on Thursday as foreign exchange traders interpreted comments by Bank of Japan governor Kazuo Ueda to suggest the central bank will soon end its negative interest rate policy. The U.S. currency fell 2.6% against the yen (USD/JPY) in early trading on Thursday. The yen also gained strongly versus other rivals, climbing 2.4% against the euro and 2.7% on the U.K. pound. Exchange traded funds that track both long and short positions on the yen were also big movers. ProShares UltraShort Yen (NYSE:YCS) fell 3.7%, while the ProShares Ultra Yen (NYSE:YCL), which tracks bullish interest, surged 3.5% early trading on Thursday. Meanwhile, the Invesco US Dollar Index Bullish Fund (NYSE:UUP) was down 0.2% in early trading, while the Invesco US Dollar Index Bearish Fund (NYSE:UDN) gained 0.3%. Policy Tightening Expected From BoJ The moves were in response to comments from Governor Ueda on the sustainability of Japan’s negative rates policy. Ueda said that monetary ...Full story available on Benzinga.com

Related tickers: UDN, UUP, YCL, YCS.