Stocks hedging with long position in Yen.

Broad market indices are very volatile nowadays. Mostly dragging down by negative news in credit market. There are many ways how to hedge your portfolio. Either investment in bonds or commodities or just going short with shares.
Except of those there is also currency hedging. Japanese Yen has really strong correlation to broad market indices. With major US benchmarks it is about -0,95. Meaning if Nasdaq drops 1% Japanese Yen strengthens 1% against USD. On the picture you can see exactly this correlation with Nasdaq index for last 6 months. Yen had strengthened during August's sell off and also reached one year high during November.
In addition to futures you can use currency ETF iShares Yen trust (FXY) for investment to Yen. For leverage, options are available for FXY and also for Yen FX index (YUK).