Japanese individual investors continue to shun risk, and the notion of putting money into foreign assets is repugnant.

Japanese institutional investors as well as mutual funds finally started to buy foreign currency-denominated assets, after having stayed on the sidelines for some time since the start of the new fiscal year.

Japan increasingly needs a weaker yen to counter falling foreign demand and increased competitive pressures.

Japanese institutional investors seem to have sought returns by selling dollar-denominated assets. That kind of repatriation is generally yen positive.

There are so many entities and individual investors who don't buy silver because they have no place to store it. The silver ETF overcomes that problem.

So in the background, too, is the notion that if there is any move to sell the dollar, there will be central bank intervention.