1655 is a Tokyo-listed ETF aiming to follow a yen-denominated S&P 500 total-return index. It provides exposure to about 500 large US companies without currency hedging, so exchange-rate movements also affect its yen value.
History and development
Fund 1655 was established on September 27, 2017, offering yen-denominated exchange trading in Japan for exposure to the S&P 500. The index's history begins in 1957, separately from this Japanese-listed fund. Trading in yen does not itself remove currency exposure.
References: BlackRock: 1655 factsheet
Comparing charts on this board
Pair 1655 with the S&P 500 and USD/JPY to separate US equities from yen translation. Approximately multiply the equity-price factor by the exchange-rate factor: equity gains and yen weakness reinforce, while yen strength offsets dollar gains.
Add S&P 500 CFD during Japanese trading hours. Track the prior US close, current after-hours pricing and USD/JPY separately to examine the information being priced into the Japan-listed ETF.
Related charts: S&P 500 · USD / JPY · S&P 500 CFD
Official references: BlackRock: 1655