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<!-- DFIN ActiveDisclosure(SM) XBRL Linkbase Document - http://www.dfinsolutions.com/ -->
<!-- Creation Date      : 2019-05-08T16:42:42.2737743+00:00 -->
<!-- Version            : 3.4.7044.22220 -->
<!-- Package ID         : 08ab78a82eb74586951d008c34f213df -->
<!-- Copyright (c) 2019 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesAuthorized_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Shares Authorized</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesIssued_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Shares Issued</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityTableTextBlock_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Table [Text Block]</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_InitialIncorporationDepositWithBankSponsor" xlink:type="locator" xlink:label="fxy_InitialIncorporationDepositWithBankSponsor" />
    <link:label xml:lang="en-US" xlink:label="fxy_InitialIncorporationDepositWithBankSponsor_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Initial incorporation deposit with bank sponsor.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_InitialIncorporationDepositWithBankSponsor" xlink:to="fxy_InitialIncorporationDepositWithBankSponsor_lbl" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityIncorporationDateOfIncorporation" xlink:type="locator" xlink:label="dei_EntityIncorporationDateOfIncorporation" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationDateOfIncorporation_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Date of Incorporation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationDateOfIncorporation" xlink:to="dei_EntityIncorporationDateOfIncorporation_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationDateOfIncorporation_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation Date Of Incorporation</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_InitialIncorporationDepositWithBankSponsor_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Initial deposits by sponsor, primary deposit account</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_InitialIncorporationDepositWithBankSponsor_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Initial Incorporation Deposit With Bank Sponsor</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_NumberOfDepositsAccountsInWhichTrustAssetsPrimarilyConsistDemandDeposit" xlink:type="locator" xlink:label="fxy_NumberOfDepositsAccountsInWhichTrustAssetsPrimarilyConsistDemandDeposit" />
    <link:label xml:lang="en-US" xlink:label="fxy_NumberOfDepositsAccountsInWhichTrustAssetsPrimarilyConsistDemandDeposit_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of deposits accounts in which trust assets primarily consist demand deposit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_NumberOfDepositsAccountsInWhichTrustAssetsPrimarilyConsistDemandDeposit" xlink:to="fxy_NumberOfDepositsAccountsInWhichTrustAssetsPrimarilyConsistDemandDeposit_lbl" />
    <link:loc xlink:href="fxy-20190331.xsd#fxy_StockRedeemableInBasketsNumberOfShares" xlink:type="locator" xlink:label="fxy_StockRedeemableInBasketsNumberOfShares" />
    <link:label xml:lang="en-US" xlink:label="fxy_StockRedeemableInBasketsNumberOfShares_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Stock redeemable number share each block shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_StockRedeemableInBasketsNumberOfShares" xlink:to="fxy_StockRedeemableInBasketsNumberOfShares_lbl" />
    <link:label xml:lang="en-US" xlink:label="fxy_NumberOfDepositsAccountsInWhichTrustAssetsPrimarilyConsistDemandDeposit_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of deposits accounts in which trust&apos;s assets primarily consist of Japanese Yen</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_NumberOfDepositsAccountsInWhichTrustAssetsPrimarilyConsistDemandDeposit_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Deposits Accounts In Which Trust Assets Primarily Consist Demand Deposit</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_StockRedeemableInBasketsNumberOfShares_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redemptions capital shares, number of shares in each block</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_StockRedeemableInBasketsNumberOfShares_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Stock Redeemable In Baskets Number Of Shares</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:type="locator" xlink:label="us-gaap_IncomeTaxExpenseBenefit" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Provision for federal income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Income Tax Expense Benefit</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_MinimumPeriodRequiredToStayForTaxLiability" xlink:type="locator" xlink:label="fxy_MinimumPeriodRequiredToStayForTaxLiability" />
    <link:label xml:lang="en-US" xlink:label="fxy_MinimumPeriodRequiredToStayForTaxLiability_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Minimum Period Required To Stay For Tax Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_MinimumPeriodRequiredToStayForTaxLiability" xlink:to="fxy_MinimumPeriodRequiredToStayForTaxLiability_lbl" />
    <link:label xml:lang="en-US" xlink:label="fxy_MinimumPeriodRequiredToStayForTaxLiability_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of days in United States for tax purposes</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_MinimumPeriodRequiredToStayForTaxLiability_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Minimum Period Required To Stay For Tax Liability</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_ProceedsFromIssuanceOfRedeemablePreferredStock_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principal deposits</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Principal redemptions</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PaymentsForOperatingActivities" xlink:type="locator" xlink:label="us-gaap_PaymentsForOperatingActivities" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_PaymentsForOperatingActivities_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Withdrawals (to pay expenses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForOperatingActivities" xlink:to="us-gaap_PaymentsForOperatingActivities_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_PaymentsForOperatingActivities_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Payments For Operating Activities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_Cash" xlink:type="locator" xlink:label="us-gaap_Cash" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_Cash_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deposits, interest bearing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_Cash_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cash</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentInterestRate" xlink:type="locator" xlink:label="invest_InvestmentInterestRate" />
    <link:label xml:lang="en-US" xlink:label="invest_InvestmentInterestRate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Annual nominal rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentInterestRate" xlink:to="invest_InvestmentInterestRate_lbl" />
    <link:label xml:lang="en-US" xlink:label="invest_InvestmentInterestRate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Investment Interest Rate</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_RedeemableCapitalSharesSettlementPeriodCreationAndRedemption" xlink:type="locator" xlink:label="fxy_RedeemableCapitalSharesSettlementPeriodCreationAndRedemption" />
    <link:label xml:lang="en-US" xlink:label="fxy_RedeemableCapitalSharesSettlementPeriodCreationAndRedemption_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Redeemable capital shares settlement period creation and redemption.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_RedeemableCapitalSharesSettlementPeriodCreationAndRedemption" xlink:to="fxy_RedeemableCapitalSharesSettlementPeriodCreationAndRedemption_lbl" />
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_TemporaryEquityDisclosureAbstract" xlink:type="locator" xlink:label="us-gaap_TemporaryEquityDisclosureAbstract" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityDisclosureAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Disclosure [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityDisclosureAbstract" xlink:to="us-gaap_TemporaryEquityDisclosureAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="fxy_RedeemableCapitalSharesSettlementPeriodCreationAndRedemption_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Redeemable capital shares, settlement of each creation or redemption period</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_RedeemableCapitalSharesSettlementPeriodCreationAndRedemption_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Redeemable Capital Shares Settlement Period Creation And Redemption</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_TemporaryEquitySharesIssuedDuringPeriod" xlink:type="locator" xlink:label="fxy_TemporaryEquitySharesIssuedDuringPeriod" />
    <link:label xml:lang="en-US" xlink:label="fxy_TemporaryEquitySharesIssuedDuringPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Temporary Equity Shares Issued During Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_TemporaryEquitySharesIssuedDuringPeriod" xlink:to="fxy_TemporaryEquitySharesIssuedDuringPeriod_lbl" />
    <link:loc xlink:href="fxy-20190331.xsd#fxy_TemporaryEquitySharesRedeemedDuringPeriod" xlink:type="locator" xlink:label="fxy_TemporaryEquitySharesRedeemedDuringPeriod" />
    <link:label xml:lang="en-US" xlink:label="fxy_TemporaryEquitySharesRedeemedDuringPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Temporary Equity Shares Redeemed During Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_TemporaryEquitySharesRedeemedDuringPeriod" xlink:to="fxy_TemporaryEquitySharesRedeemedDuringPeriod_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Opening Balance, Shares</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_TemporaryEquitySharesIssuedDuringPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares Issued, Shares</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_TemporaryEquitySharesIssuedDuringPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Shares Issued During Period</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_TemporaryEquitySharesRedeemedDuringPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Shares Redeemed, Shares</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_TemporaryEquitySharesRedeemedDuringPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Shares Redeemed During Period</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending Balance, Shares</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Opening Balance, Amount</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares Issued, Amount</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_TemporaryEquityForeignCurrencyTranslationAdjustments" xlink:type="locator" xlink:label="us-gaap_TemporaryEquityForeignCurrencyTranslationAdjustments" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityForeignCurrencyTranslationAdjustments_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Adjustment of Redeemable Capital Shares to Redemption Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityForeignCurrencyTranslationAdjustments" xlink:to="us-gaap_TemporaryEquityForeignCurrencyTranslationAdjustments_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityForeignCurrencyTranslationAdjustments_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Foreign Currency Translation Adjustments</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending Balance, Amount</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:type="locator" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule Of Related Party Transactions By Related Party [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Related Party Transactions By Related Party [Table]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transactions By Related Party [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:type="locator" xlink:label="us-gaap_RelatedPartyDomain" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Related Party [Domain]</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_SponsorMember" xlink:type="locator" xlink:label="fxy_SponsorMember" />
    <link:label xml:lang="en-US" xlink:label="fxy_SponsorMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Sponsor [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_SponsorMember" xlink:to="fxy_SponsorMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="fxy_SponsorMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sponsor [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_SponsorMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Sponsor [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionAxis" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionAxis" xlink:to="us-gaap_RelatedPartyTransactionAxis_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionDomain" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionDomain" xlink:to="us-gaap_RelatedPartyTransactionDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Domain]</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_AccruedProfessionalFeesMember" xlink:type="locator" xlink:label="fxy_AccruedProfessionalFeesMember" />
    <link:label xml:lang="en-US" xlink:label="fxy_AccruedProfessionalFeesMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Accrued Professional Fees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_AccruedProfessionalFeesMember" xlink:to="fxy_AccruedProfessionalFeesMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="fxy_AccruedProfessionalFeesMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accrued Professional Fees [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_AccruedProfessionalFeesMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Professional Fees [Member]</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_ProfessionalFeesLiabilityMember" xlink:type="locator" xlink:label="fxy_ProfessionalFeesLiabilityMember" />
    <link:label xml:lang="en-US" xlink:label="fxy_ProfessionalFeesLiabilityMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Professional Fees Liability [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_ProfessionalFeesLiabilityMember" xlink:to="fxy_ProfessionalFeesLiabilityMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="fxy_ProfessionalFeesLiabilityMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Professional Fees Liability [Member]</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_ProfessionalFeesLiabilityMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Professional Fees Liability [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionLineItems" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Related Party Transaction [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionRate" xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionRate" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionRate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Sponsor&apos;s fee accrues daily and paid monthly, annual nominal Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionRate" xlink:to="us-gaap_RelatedPartyTransactionRate_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RelatedPartyTransactionRate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Related Party Transaction Rate</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_MaximumThresholdAnnualAmountOfPaymentsLegalFeesAndExpenses" xlink:type="locator" xlink:label="fxy_MaximumThresholdAnnualAmountOfPaymentsLegalFeesAndExpenses" />
    <link:label xml:lang="en-US" xlink:label="fxy_MaximumThresholdAnnualAmountOfPaymentsLegalFeesAndExpenses_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Legal fees and expenses assumed sponsor.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_MaximumThresholdAnnualAmountOfPaymentsLegalFeesAndExpenses" xlink:to="fxy_MaximumThresholdAnnualAmountOfPaymentsLegalFeesAndExpenses_lbl" />
    <link:label xml:lang="en-US" xlink:label="fxy_MaximumThresholdAnnualAmountOfPaymentsLegalFeesAndExpenses_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Legal fees and expenses assumed</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_MaximumThresholdAnnualAmountOfPaymentsLegalFeesAndExpenses_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Maximum Threshold Annual Amount Of Payments Legal Fees And Expenses</link:label>
    <link:loc xlink:href="fxy-20190331.xsd#fxy_MinimumThresholdExcessAnnualAmountOfPaymentsLegalFeesAndExpenses" xlink:type="locator" xlink:label="fxy_MinimumThresholdExcessAnnualAmountOfPaymentsLegalFeesAndExpenses" />
    <link:label xml:lang="en-US" xlink:label="fxy_MinimumThresholdExcessAnnualAmountOfPaymentsLegalFeesAndExpenses_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Represents the minimum threshold for legal fees and expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="fxy_MinimumThresholdExcessAnnualAmountOfPaymentsLegalFeesAndExpenses" xlink:to="fxy_MinimumThresholdExcessAnnualAmountOfPaymentsLegalFeesAndExpenses_lbl" />
    <link:label xml:lang="en-US" xlink:label="fxy_MinimumThresholdExcessAnnualAmountOfPaymentsLegalFeesAndExpenses_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Excess amount of assumed audit fees and legal expenses</link:label>
    <link:label xml:lang="en-US" xlink:label="fxy_MinimumThresholdExcessAnnualAmountOfPaymentsLegalFeesAndExpenses_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Minimum Threshold Excess Annual Amount Of Payments Legal Fees And Expenses</link:label>
  </link:labelLink>
</link:linkbase>
