One way to play it is to confine the yen in the wrapper of an exchange traded fund (ETF) like the Invesco CurrencyShares® Japanese Yen Trust (FXY), which is designed to track the price of the Japanese yen. A confluence of a stronger dollar, inflation fears, and the Omicron variant have put downward pressure on the Japanese yen, but it could present value-hunting investors with a bargain. As supply chains around the world regain momentum following a global vaccination movement in 2021, the Omicron variant has presented another speed bump: It's feeding pessimism into Japan's largest manufacturers.