The CurrencyShares Japanese Yen Trust (the Trust) is a grantor trust. The Trust issues shares (the Shares) in blocks of 50,000 (a Basket) in exchange for deposits of Japanese Yen and distributes Japanese Yen in connection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the price of Japanese Yen plus accrued interest, less the expenses of the Trust’s operations. Rydex Specialized Products LLC is the Sponsor of the Trust. The Bank of New York serves as the Trust’s Trustee.