One ETF that has benefited from the recent depreciation in the yen is the WisdomTree Japan Hedged Equity Fund (NYSE: DXJ ). The news of Japan's economy contracting for the second consecutive quarter came as a surprise to economists who predicted an expansion following boosted quantitative easing efforts. The increase in sales tax this year to spur inflation was enough to sink the world's third-largest economy into a recessionary environment after a 1.6-percent drop in gross domestic product this quarter.