db-X MSCI Japan Currency-Hedged Equity Fund (DBJP) With the yen sliding, DBJP is an interesting option to pick with the Japanese economy set to revive after four years of continuous recession and decades of deflation. DBJP tracks the MSCI Japan US Dollar Hedged Index, which provides exposure to Japanese equity markets and hedges the Japanese yen to the U.S. dollar by selling Japanese yen forwards ( Is It Time To Buy The Hedged Currency ETFs? However, DBJP does not appear to be as popular as DXJ.