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What changed in Invesco CurrencyShares Japanese Yen Trust's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Invesco CurrencyShares Japanese Yen Trust's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+17 added−15 removedSource: 10-K (2025-02-26) vs 10-K (2024-02-23)

Top changes in Invesco CurrencyShares Japanese Yen Trust's 2024 10-K

17 paragraphs added · 15 removed · 13 edited across 4 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeThe Trust incurred $956,975 for the year ended December 31, 2023 in Sponsor’s fees. The Trustee The Bank of New York Mellon, a banking corporation with trust powers organized under the laws of the State of New York, serves as the Trustee. The Trustee is responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational records.
Biggest changeThe Trust incurred $1,474,607 for the year ended December 31, 2024 in Sponsor’s fees. The Trustee The Bank of New York Mellon, a banking corporation with trust powers organized under the laws of the State of New York, serves as the Trustee. The Trustee is responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational records.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe members of this Committee include Invesco Ltd.’s Chief Administrative Officer, Chief Risk & Audit Officer, General Counsel, Chief Financial Officer, Chief Human Resources Officer, Global Head of Compliance, and Global Operational Risk Owners which includes the GCSO. The committee reports to Invesco’s Enterprise Risk Management Committee which provides updates to the Invesco Board to facilitate their oversight.
Biggest changeThe members of this Committee include Invesco’s Chief Administrative Officer, Chief Risk & Audit Officer, General Counsel, Chief Financial Officer, Chief Human Resources Officer, Global Head of Compliance, and Global Operational Risk Owners which includes the GCSO. The committee reports to Invesco’s Enterprise Risk Management Committee which provides updates to the Invesco Board of Directors to facilitate their oversight.
Although risks from cyber threats have not materially affected the Trust’s business strategy, results of operations or financial condition as of December 31, 2023, Invesco continues to closely monitor cyber risk. In addition, security controls, no matter how well designed or implemented, may only mitigate and not fully eliminate risks.
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. In addition, security controls, no matter how well designed or implemented, may only mitigate and not fully eliminate risks.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest change(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, 2023 as follows: Period of Redemption Total Number of Shares Redeemed Average Price Paid per Share October 1, 2023 to October 31, 2023 — $ — November 1, 2023 to November 30, 2023 — $ — December 1, 2023 to December 31, 2023 — $ — Total — $ — ITEM 6.
Biggest change(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.
Holders As of January 31, 2024, the Trust had 86 holders of record of its Shares. Sales of Unregistered Securities and Use of Proceeds of Registered Securities (a) There have been no unregistered sales of the Shares. No Shares are authorized for issuance by the Trust under equity compensation plans. (b) Not applicable.
Holders As of January 31, 2025, the Trust had 91 holders of record of its Shares. Sales of Unregistered Securities and Use of Proceeds of Registered Securities (a) There have been no unregistered sales of the Shares. No Shares are authorized for issuance by the Trust under equity compensation plans. (b) Not applicable.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeResults of Operations During the years ended December 31, 2023 and 2022, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from the US banking sector turmoil, ambiguity around the Federal Reserve's tightening cycle, and rising geopolitical concerns from the conflict in the Middle East, for 2023, and uncertainty caused by the novel coronavirus known as COVID-19, as well as the Russia-Ukraine conflict, for 2022, which are considered to be unusual or infrequent events.
Biggest changeResults 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.
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, 2023, and its results of operations for the fiscal years ended December 31, 2023 and December 31, 2022.
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 did not pay any distributions during the year ended December 31, 2023.
The Trust did not pay any distributions during the year ended December 31, 2024.
The interest rate in effect as of December 31, 2023 was an annual nominal rate of -0.20%. The following chart provides the daily rate paid by the Depository since December 31, 2018: 12 In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
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: 12 In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
Although the full and direct impact of the COVID-19 pandemic, the Russia-Ukraine conflict, the US banking sector turmoil, and the Israel-Gaza conflict on the Trust's net comprehensive income (loss) during the years ended December 31, 2023 and 2022 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.
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.
Liquidity and Capital Resources The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs.
Liquidity and Capital Resources The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs.
Additionally, the interest rate paid by the Depository has generally trended downward over the past several years to the current interest rate of -0.20%, as set forth in the FXY Rate Chart above. As long as the Sponsor’s fee and the interest expense on currency deposits, if any, exceed interest income, the Trust will incur a net comprehensive loss.
As long as the Sponsor’s fee and the interest expense on currency deposits, if any, exceed interest income, the Trust will incur a net comprehensive loss.
While the pair did recover significantly in the fourth quarter, much of it was a factor of the weakening U.S. dollar. The Japanese Yen (JPY/USD) depreciated by over 20% against the US dollar in the first three quarters of 2022 before making a decent recovery in Q4.
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.
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The currency pair went into freefall in Q2 and accelerated even lower in Q3, hitting the lowest since 1990, as the Bank of Japan’s commitment to its ultra-loose policies further diverged from the U.S. Federal Reserve System (the “Fed”) increasingly hawkish stance.
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Despite the strong rally in the third quarter, the Japanese yen (JPY/USD) still ended 2024 sharply lower.
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In addition, given Japan is a net energy importer, elevated commodity prices/ soaring global inflation resulting from the war in Ukraine continued to heavily pressure the currency pair. However, the JPY was salvaged to end the year by a weakening USD and easing inflation pressures.
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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.
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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.
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That said, all those gains were erased in the fourth quarter as Trump’s victory sent the greenback skyrocketing. Many of the president’s campaigned policies were expected to raise inflation risk, potentially leading to higher rates in 2025. In addition, tariffs generally weigh on foreign currencies, further boosting the USD.

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