An investment house has unveiled a form of a Japan-focused fund that plays to desires to capture, or mitigate, currency movements.

A fund investing in Japanese firms expected to get an export boost to revenues from a depreciating yen exchange rate is now available to institutional investors through hedged and unhedged share classes in dollars, euros and sterling.

UK-based Neptune Investment Management said it will launch the Neptune Japan Institutional Fund on 22 June, having disclosed to the market in March its intention to offer the product.

The fund will be managed by Chris Taylor, head of research and manager of the Japan Opportunities Fund. It will invest in the same underlying stocks as the Japan Opportunities Fund but will hand control of currency risk to the client via hedged and unhedged share classes in three currencies.

The existing Japan Opportunities Fund currently invests predominantly in companies that are benefiting from a weaker yen, whilst the yen value of the portfolio is hedged with the intention of protecting equity gains against a depreciating currency. Given the structural currency hedge applied across the portfolio, the Japan Opportunities Fund is designed for investors who wish for Neptune to seek to manage the currency risk.