Short Yen Trade Swells as ProShares’ Bearish ETF Sees Fresh Inflows
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ProShares UltraShort Yen’s YCS drew another wave of capital on January 16, 2026, with $2.62 million in fresh inflows, reinforcing investor conviction in the crowded short-yen trade. The move is significant for the leveraged currency fund, lifting its assets under management to $39.1 million and representing roughly 6.7% of its total AUM added in a single day.
The related asset, FX:USD-JPY, is currently trading at 158.022, up about 4.13% over the past three months as the dollar continues to grind higher against the yen. The pair’s 1-day technical signal screens as a Buy, underscoring the prevailing bullish momentum in the dollar that continues to draw speculators into leveraged bearish-yen products like YCS.
With the yen still under pressure amid interest-rate differentials and lingering doubts about the pace of any Bank of Japan policy normalization, the latest flows into YCS suggest investors are not yet ready to call a top in the dollar-yen rally, even after months of gains.
For a more detailed analysis and real-time sentiment trends, check the live currency exchange rates here.