Posted by forex at 8:43 AM
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Forex Trading
1. Open an account with a foreign exchange ('forex') broker. For example, visit Forex.com: a reputable exchange brokerage company. .
2. Log into your forex trading account. Purchase the Japanese yen currency.
3. Hold the Japanese currency in your forex account until the value increases, resulting in a net gain from the purchase. Sell the currency when appropriate. For example, you may wish to sell the currency if you made a profit from the purchase.
Currency Exchange Traded Funds
4. Open an account with a brokerage firm that offers currency exchange traded funds for the Japanese yen. For example, CurrencyShares offers exchange traded funds for the Japanese yen. An exchange traded fund resembles a mutual fund in that the brokerage firm purchases many different currencies and pools them together into one fund.
5. Purchase shares of the exchange traded fund which holds currency in the Japanese yen.
6. Hold the shares of the exchange traded fund until the value increases, resulting in a net gain from the purchase. Sell the fund when appropriate.
Certificate of Deposits and Savings Accounts
7. Open an account with a bank that offers certificates of deposit and savings accounts held in the Japanese yen. For example, EverBank, an online bank, offers savings accounts and certificates of deposit held in the Japanese yen.
8. Purchase a certificate of deposit in the Japanese yen through the bank. Transfer money into a savings account held in Japanese yen.
9. Transfer money out of the savings account to convert the Japanese yen back into dollars. Upon the end of the term of the certificate of deposit, you will receive the money back in the form of the Japanese yen.