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IJP

$121.63+1.43%Asia Pacific70/100
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iShares MSCI Japan ETF · BlackRock

Data as at 29 March 2026

TL;DR

Tracks approximately 225 large and mid-cap Japanese companies — Toyota, Sony, Keyence, and the other businesses that make up the world's third-largest economy.

MER (Annual Fee)
0.09%
#1 lowest in Asia Pacific
1Y Return
+14.9%
3Y Return (p.a.)
+15.0%
Dividend Yield
4.32%
Trailing 12 months
AUM
$1,324.2M
Assets under management
Avg Daily Turnover
$2.6M
Avg shares × unit price
Unit Price
$121.63
As at 29 March 2026
Provider
BlackRock
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Strategy

Follows the MSCI Japan Index using full physical replication. Managed by BlackRock at 0.47% per year. Returns are unhedged — the AUD/JPY exchange rate affects AUD-denominated returns.

Top Holdings

Toyota
4.2%
Sony
3.8%
Keyence
2.8%
Mitsubishi UFJ
2.7%
Shin-Etsu Chemical
2.4%
Daiichi Sankyo
2.2%
Recruit Holdings
2.1%
Fanuc
1.9%
Hitachi
1.8%
SoftBank Group
1.7%
Key Fact

Japan's stockmarket hit a 35-year high in 2024, partly driven by corporate governance reforms from 2023 onward. The Tokyo Stock Exchange pressured companies trading below book value to improve shareholder returns, which attracted renewed international capital.

Suited for

Investors wanting specific Japanese equity exposure beyond what is available in broad developed-market funds like VGS. Japan receives meaningful but limited weight in VGS, so IJP provides a targeted top-up.

Risks

Japan's economy has faced deflation and low growth for decades. The JPY/AUD exchange rate adds an extra layer of volatility. Japanese companies typically carry lower dividend yields than Australian or US equities.

ETFCheck Score70/100
Fees (40%)87
Fund Size (25%)53
Liquidity (20%)36
Yield (15%)100
How scores are calculated →
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0.40% MER
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Frequently Asked Questions - IJP

How does the Bank of Japan's yield curve control policy affect IJP returns for Australian investors?+
The BOJ's yield curve control keeps Japanese interest rates artificially low, which tends to weaken the yen against the Australian dollar and can erode IJP's AUD-denominated returns even when Japanese stocks rise in local terms. This creates a unique dynamic not seen in other developed market ETFs. Australian investors should monitor the USD/JPY and AUD/JPY exchange rates closely, as currency moves can overshadow underlying equity performance in any given year.
How does IJP's 0.09% MER compare to other Japan-focused ETFs available on the ASX?+
IJP offers one of the lowest management fees for Japan exposure on the ASX at just 0.09%, making it significantly cheaper than actively managed Japan funds and most thematic Asian ETFs. By comparison, broad Asia-Pacific ETFs like ASIA (0.67%) charge multiples more. For SMSF trustees seeking cost-efficient developed Asia allocation, IJP's rock-bottom MER means more of Japan's corporate earnings growth flows through to your portfolio over the long term.
What currency hedging options exist for IJP given its full yen exposure?+
IJP is unhedged, meaning Australian investors bear full AUD/JPY currency risk - a weakening yen directly reduces your returns in Australian dollar terms. Unlike some ASX-listed international ETFs, BlackRock does not offer a hedged version of IJP on the ASX. Investors concerned about yen depreciation could consider separate currency hedging strategies or accept the volatility, noting that yen weakness has historically been a persistent drag on AUD-denominated Japanese equity returns.
Is IJP suitable for SMSF portfolios seeking international diversification beyond US equities?+
IJP is well-suited for SMSF portfolios looking to diversify beyond heavy US weightings found in ETFs like IVV or VGS. Japan is the world's fourth-largest economy with globally competitive companies in automotive, robotics, and electronics sectors. The 1.45% yield provides modest income, though distributions lack franking credits as they derive from foreign sources. SMSF trustees should note IJP's returns are reported as foreign income for ATO purposes.