iShares Currency Hedged MSCI Japan ETF

HEWJ

Market cap $395M

Overview Fund Activity

49.42 USD

-0.20

0.4%

At close Updated Sep 12, 4:00 PM EDT

1 day

-0.4%

5 days

0.41%

1 month

2.15%

3 months

12.81%

6 months

17.81%

Year to date

15.79%

1 year

24.51%

5 years

54.53%

10 years

75.43%

0

Funds holding %

of 7,462 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

5% less funds holding

Funds holding: 65 [Q1] → 62 (-3) [Q2]

14.38% less ownership

Funds ownership: 73.39% [Q1] → 59.01% (-14.38%) [Q2]

18% less capital invested

Capital invested by funds: $266M [Q1] → $219M (-$47.6M) [Q2]

22% less first-time investments, than exits

New positions opened: 7 | Existing positions closed: 9

63% less repeat investments, than reductions

Existing positions increased: 9 | Existing positions reduced: 24

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Financial journalist opinion

Japan In The Spotlight; Blockchain In AI's Shadow

As the global private equity industry took tentative steps toward recovery in 2024, Japan raced ahead. The value of private equity investment in Japan jumped nearly 41% over the prior-year total in 2024, far outpacing the 25% year-over-year gain in global private equity deal value, according to S&P Global Market Intelligence data.

Japan In The Spotlight; Blockchain In AI's Shadow

Japan: Hotter Than Expected Inflation, Output Rebound Should Support The BoJ's Policy Normalization

Today's data were a mixed bag, but the Bank of Japan will pay more attention to the sharp rise in Tokyo's inflation. Tokyo consumer prices rose more than expected to 2.6% YoY (vs 2.2% in July, 2.3% market consensus).

Japan: Hotter Than Expected Inflation, Output Rebound Should Support The BoJ's Policy Normalization

HEWJ: Black Monday Declines Mean Selectivity Is Key

The Nikkei suffered its worst ever one-day slump this morning. There are plenty of technical efforts, and it might have been a perfect storm of slightly negative data that agglomerated together into poor sentiment, but Sahm's Rule looms. We think the primary driver of the declines in Japan, at least to the extent that they can be justified, comes down to the higher unemployment in the US.

HEWJ: Black Monday Declines Mean Selectivity Is Key

BoJ Hikes By 25 Bps And Starts QT: Too Little Too Late, But In Right Direction To Prop Up The Plunging Yen

The “real” policy rate is massively negative, with the new policy rate of 0.25% far below Core CPI of 2.6%. When QT reaches about ¥3 trillion per month in 2026, it would represent a reduction of its JGB holdings of about 0.5% per month.

BoJ Hikes By 25 Bps And Starts QT: Too Little Too Late, But In Right Direction To Prop Up The Plunging Yen

Escape Velocity: Japan's Drift Toward Sustained Inflation

Japan has been struggling for some time to generate enough velocity in inflation to escape the gravitational pull of deflation. The story for the rest of 2024 and into 2025 is now centered on whether inflation will be sustained at the BOJ's 2% target.

What's The Next Step For The Bank of Japan?

In March, the Bank of Japan abolished its 8-year-old negative interest rate policy, hiking rates for the first time in 17 years by raising its benchmark rate to 0-0.1%. To combat inflation while also avoiding an excessive surge in interest payments, the BOJ is considering passive quantitative tightening.

Mixed Japanese Data Supports BoJ's Policy Normalization

We'd rather downplay the weaker-than-expected manufacturing data and focus on a solid recovery in retail sales and a reacceleration in inflation, which will be welcomed by the Bank of Japan. Inflation has been quite choppy due to various government programmes and utility prices.

HEWJ: The Yen Hedge Is Still Paying Off

The iShares Currency Hedged MSCI Japan ETF has successfully taken advantage of the rise in Japanese indices while avoiding the depreciation of the Yen. The ETF benefits from a weak Yen, particularly in the automotive and industrial sectors, but imported inflation and consumer sentiment are hurting domestic demand. The carry trade is the key activity that is weakening the Yen even further, and it will be difficult to get that trade to unwind. Sustainable Japanese inflation is needed.

What Has Led To Japan's Come-Back?

By end-April 2024, Japanese equities had outperformed the FTSE All-World index over 12 months and in the year to date. Japan has undertaken significant structural corporate reforms in recent years.

Weak Yen Unlikely To End Japan's Rally

A weak yen is unlikely to end the positive momentum in Japanese equities. The drivers of the recent rally remain, so we stay overweight Japanese stocks.

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