FXY

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, including related geopolitical tensions or emergency measures, may impact the value of the currencies held by the Fund.
The United States, under the Trump administration, has implemented significant tariff increases on imports from a large number of countries, affecting a broad array of goods, and has signaled that additional tariffs may be imposed.
These actions are part of a broader shift in U.S. trade policy that has at times been difficult to predict.
The potential for further escalation, including the imposition of new or higher tariffs with limited notice, has contributed to increased uncertainty in global markets.
In response, other countries, including China, have announced retaliatory measures.
While some tariff reductions have been implemented pursuant to temporary arrangements between the United States and various trading partners, such measures remain subject to reversal.
These developments have contributed to increased volatility in foreign exchange markets, including fluctuations in the USD/Japanese Yen exchange rate.
Sustained or increased volatility could materially and adversely affect the performance of the Shares.
The Trust has no proprietary rights in or to any specific Japanese Yen held by the Depository and will be an unsecured creditor of the Depository with respect to the Japanese Yen held in the Deposit Accounts in the event of the insolvency of the Depository or the U.S. bank of which it is a branch, which can lead to losses or significant delays in accessing such funds.
Compromises in the software supply chain or incidents at critical third-party vendors could magnify the operational impact of a cyber event and impair the Trust’s ability to process Shareholder or Basket transactions.
The GCSO has over 29 years of experience in the public and private sectors, specializing in security, investigations, and incident response.
Invesco’s information security program is led by its Chief Information Security Officer who reports directly to the GCSO and has over 25 years of experience, specializing in information security and risk management.
Although risks from cyber threats have not materially affected the Trust’s business strategy, results of operations or financial condition as of December 31, 2025 , Invesco continues to closely monitor cyber risk.
The Sponsor oversees cybersecurity risks for the Trust by applying Invesco's enterprise policies and control framework to the Trust's operations and service providers and by escalating any Trust_relevant findings through the Sponsor's management reporting and certification processes.
The Trust did not experience any material cybersecurity incidents during the year ended December 31, 2025, and cybersecurity risks did not materially affect the Trust's business strategy, results of operations, or financial condition in the period.
Holders As of January 31, 2026, the Trust had 98 holders of record of its Shares.
(c) Although the Trust does not redeem Shares directly from its shareholders, the Trust, from time to time, redeems Baskets from Authorized Participants.
During the three months ended December 31, 2025, the Trust’s redemptions of Baskets from Authorized Participants, if any, are provided in the table below: Period of Redemption Total Number of Shares Redeemed Average Price Paid per Share October 1, 2025 to October 31, 2025 600,000 $ 60.68 November 1, 2025 to November 30, 2025 300,000 $ 59.54 December 1, 2025 to December 31, 2025 150,000 $ 59.17 Total 1,050,000 $ 60.14 ITEM 6.
Introduction The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust’s financial condition as of December 31, 2025, and its results of operations for the fiscal years ended December 31, 2025 and December 31, 2024.
The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, primarily maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest.
The interest rate in effect as of December 31, 2025 was an annual nominal rate of 0.00 % .
The following chart provides the daily rate paid by the Depository since December 31, 2020: In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
The Trust did not pay any distributions during the year ended December 31, 2025.
Results of Operations During the years ended December 31, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations, mounting U.S. economic uncertainty for 2025, evolving expectations around the Federal Reserve (the “Fed”) monetary policy and heightened geopolitical concerns, some of which are considered to be unusual or infrequent events.
Although the full and direct impact of these conditions on the Trust's net comprehensive income (loss) during the years ended December 31, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
The Japanese yen (JPY/USD) finished 2025 lower, with gains in the first half ultimately offset by losses in the second half of the year.
Early in the year, the yen benefited from strong safe‑haven demand and rising expectations that the Bank of Japan would move toward rate hikes.
At the same time, the U.S. dollar faced pressure from concerns over Federal Reserve independence and dovish policy leanings, broader economic uncertainty, the growing appeal of the debasement trade, and tariff‑related risks.
However, in the second half of the year, momentum for the yen faded as conviction in imminent BoJ tightening weakened, undermined by political instability and mounting concerns around Japan’s fiscal outlook, ultimately reversing earlier gains.
The pair was heavily pressured in the first half of the year, with prices sliding to the weakest level against the U.S. dollar in over three decades as the BoJ stayed committed to its ultra-loose monetary policy, while the Fed kept on with its higher-for-longer rhetoric amid sticky U.S. inflation.
However, the pair managed to make a strong comeback in the third quarter, erasing most of its previous losses, with the surprise Japanese rate hike in July boosting the yen, while the kickoff of the Fed’s easing cycle and other U.S. macro concerns pressured the dollar.
Additionally, the interest rate paid by the Depository has remained flat over the past year to the current interest rate of 0.00%, as set forth in the FXY Rate Chart above.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index to Financial Statements Documents Page Report of Management on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) Statements of Financial Condition at December 31, 2025 and 2024 Statements of Comprehensive Income for the Years Ended December 31, 2025 and 2024 Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Year Ended December 31, 2025 Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Year Ended December 31, 2024 Statements of Cash Flows for the Years Ended December 31, 2025 and 2024 Notes to Financial Statements Report of Management on Internal Control Over Financial Reporting Management of Invesco Specialized Products, LLC, as sponsor (the “Sponsor”) of the Invesco CurrencyShares ® Japanese Yen Trust (the “Trust”), is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
We, Brian Hartigan, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2025.
In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control—Integrated Framework (2013).
Based on our assessment and those criteria, we have concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2025.
The Trust’s independent registered public accounting firm, PricewaterhouseCoopers LLP , has audited the Trust’s internal control over financial reporting as of December 31, 2025, as stated in their report on page 16 of the Trust’s Annual Report on Form 10-K.
By: /S/ BRIAN HARTIGAN Name: Brian Hartigan Title: Principal Executive Officer By: /S/ KELLI GALLEGOS Name: Kelli Gallegos Title: Principal Financial and Accounting Officer, Investment Pools February 27, 2026 Report of Independent Registered Public Accounting Firm To the Board of Managers of Invesco Specialized Products, LLC (as Sponsor of Invesco CurrencyShares Japanese Yen Trust) and Shareholders of Invesco CurrencyShares Japanese Yen Trust Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying statements of financial condition of Invesco CurrencyShares Japanese Yen Trust (the “Trust”) as of December 31, 2025 and 2024, and the related statements of comprehensive income, of changes in shareholders’ equity and redeemable capital shares and of cash flows for each of the two years in the period ended December 31, 2025, including the related notes (collectively referred to as the “financial statements”).
We also have audited the Trust’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

and 37 more.

Gone since FY2024

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the value of the currencies held by the Fund.
Pandemics and other public health emergencies could disrupt the global economy and adversely impact the Trust's performance.
The impact of the COVID-19 pandemic was extensive in many aspects of society.
The outbreak resulted in a significant number of deaths, adversely impacted global commercial activity, and led to significant uncertainty and disruptions in the global economy and financial markets.
Many countries reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues.
Businesses also implemented similar precautionary measures.
While restrictions have eased, it is possible that they may be reinstated in the future in response to new variants or new public health emergencies.
Such measures, as well as the general uncertainty surrounding the dangers and impact of a future public health crisis, may result in significant disruption in supply chains and economic activity.
Consumer, corporate and financial confidence may be materially adversely affected by a future outbreak.
Such erosion of confidence may lead to or extend to a localized or global economic downturn.
Future pandemics and other public health emergencies could exacerbate political, social, and economic risks and result in significant breakdowns, delays, and other disruptions to the economy, with potential corresponding results on the value of the currency held by the Trust, which may adversely affect an investment in the Shares.
There have been ongoing discussions and commentary regarding potential significant changes to United States trade policies, treaties and tariffs.
These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may increase the volatility of foreign exchange rates, including the USD/Japanese Yen exchange rate.
The resulting volatility could materially and adversely affect the performance of the Shares.
The Trust has no proprietary rights in or to any specific Japanese Yen held by the Depository and will be an unsecured creditor of the Depository with respect to the Japanese Yen held in the Deposit Accounts in the event of the insolvency of the Depository or the U.S. bank of which it is a branch.
The GCSO has over 28 years of experience in the public and private sectors, specializing in security, investigations, and incident response.
Invesco’s information security program is led by its Chief Information Security Officer (CISO) who reports directly to the GCSO and has over 25 years of experience, specializing in information security and risk management .
Although risks from cyber threats have not materially affected the Trust’s business strategy, results of operations or financial condition as of December 31, 2024 , Invesco continues to closely monitor cyber risk.
Holders As of January 31, 2025, the Trust had 91 holders of record of its Shares.
(c) Although the Trust did not redeem Shares directly from its shareholders, the Trust redeemed Baskets from Authorized Participants during the three months ended December 31, 2024 as follows: Period of Redemption Total Number of Shares Redeemed Average Price Paid per Share October 1, 2024 to October 31, 2024 150,000 $ 62.22 November 1, 2024 to November 30, 2024 100,000 $ 59.22 December 1, 2024 to December 31, 2024 400,000 $ 61.61 Total 650,000 $ 61.38 ITEM 6.
Introduction The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust’s financial condition as of December 31, 2024, and its results of operations for the fiscal years ended December 31, 2024 and December 31, 2023.
The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest.
The interest rate in effect as of December 31, 2024 was an annual nominal rate of 0.00 % .
The following chart provides the daily rate paid by the Depository since December 31, 2019: In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
The Trust did not pay any distributions during the year ended December 31, 2024.
Results of Operations During the years ended December 31, 2024 and 2023, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, and the US banking sector turmoil for 2023 which are considered to be unusual or infrequent events.
Although the full and direct impact of Fed easing expectations, rising geopolitical tensions, and the US banking sector turmoil on the Trust's net comprehensive income (loss) during the years ended December 31, 2024 and 2023 cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
The pair was heavily pressured in the first half of the year, with prices sliding to the weakest level against the US dollar in over three decades as the BoJ stayed committed to its ultra-loose monetary policy, while the Fed kept on with its higher-for-longer rhetoric amid sticky US inflation.
However, the pair managed to make a strong comeback in the third quarter, erasing most of its previous losses, with the surprise Japanese rate hike in July boosting the yen, while the kickoff of the Fed’s easing cycle and other US macro concerns pressured the dollar.
The Japanese yen (JPY/USD) continued its decline in 2023, now down nearly 30% in the last three years.
While in mid-Jan, the yen did surge on speculation that the Bank of Japan (BoJ) was going to change its ultra-loose monetary and yield curve control policies after the BoJ allowed the key long-term government bond yield to move in a wider range, the central bank quickly defied this with its announcement to remain status quo.
As a result of this and a strengthening dollar through February and early March, the currency pair plunged.
While the yen did recover quite significantly for the remainder of March as the dollar weakened on U.S. banking sector turmoil, prices returned to tumbling in the second quarter.
Like the first quarter, the BoJ remained ultra-committed to its dovish monetary policy while other central banks hiked, causing global interest rate differentials to the JPY to widen even further.
Third quarter was a continuation of the same “ultra-low” narrative, though renewed U.S. dollar strength added additional pressure.
While the pair did recover significantly in the fourth quarter, much of it was a factor of the weakening U.S. dollar.
Additionally, the interest rate paid by the Depository has generally trended upward over the past year to the current interest rate of 0.00%, as set forth in the FXY Rate Chart above.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index to Financial Statements Documents Page Report of Management on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) Statements of Financial Condition at December 31, 2024 and 2023 Statements of Comprehensive Income for the Years Ended December 31, 2024 and 2023 Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Year Ended December 31, 2024 Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Year Ended December 31, 2023 Statements of Cash Flows for the Years Ended December 31, 2024 and 2023 Notes to Financial Statements Report of Management on Internal Control Over Financial Reporting Management of Invesco Specialized Products, LLC, as sponsor (the “Sponsor”) of the Invesco CurrencyShares ® Japanese Yen Trust (the “Trust”), is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
We, Brian Hartigan, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2024.
In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated Framework (2013).

and 41 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch FXY. Know when insiders buy.

One email the day a filing lands. Free.