Traders Double Down on Yen Slide as ProShares UltraShort Yen Sees Surge in Inflows
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ProShares UltraShort Yen (YCS) drew fresh bearish bets on the Japanese currency, logging approximately $2.62 million in net inflows on January 16, 2026. The move represents a sizeable 6.69% of the fund’s latest reported assets under management, which stand at about $39.14 million, underscoring renewed conviction that the yen’s weakness against the dollar still has room to run.
The ProShares vehicle, which offers leveraged inverse exposure to the yen versus the U.S. dollar, has increasingly become a tactical tool for investors positioning around interest-rate differentials and expectations for Bank of Japan policy. A single-day flow of this magnitude, relative to its AUM, suggests that macro-focused traders are leaning further into the narrative of a persistently strong dollar and a structurally soft yen.
The related asset, FX:USD-JPY, is currently trading at 157.936, having gained about 4.74% over the past three months. The pair’s short-term setup is reinforced by a 1-day technical signal of Buy, indicating that momentum and trend indicators are still skewed toward further dollar strength. That backdrop aligns with the fresh inflows into YCS, as higher U.S. yields and a still-cautious Bank of Japan keep carry trades attractive and pressure on the yen intact.
For a more detailed analysis and real-time sentiment trends, check the live currency exchange rates here.