WisdomTree Investments Inc., an asset manager that specializes in exchange-traded funds, fell as much as 11 percent on Friday as quarterly profit declined and the yen soared.

“It was all about the Bank of Japan,” said Surinder Thind, an analyst with Jefferies LLC.

The Bank of Japan surprised financial markets by refraining from expanding government-bond purchases, a move that sent the yen soaring against the dollar. One of New York-based WisdomTree’s leading products, the $7.7 billion WisdomTree Japan Hedged Equity Fund, benefits from a weaker yen, Thind said in a telephone interview.

Jessica Zaloom, a WisdomTree spokeswoman, said the company doesn’t comment on daily stock moves.

WisdomTree, which announced second-quarter earnings early in the day, saw its shares slide nearly 11 percent to $9.94 at the end of the trading day. The shares are down about 37 percent this year.

The company announced a drop in net income and assets under management. Its $10 billion WisdomTree Europe Hedged Equity Fund has had about $6.3 billion in redemptions in 2016, the most of any U.S. ETF, according to data compiled by Bloomberg. The Japan Hedge Equity Fund has had outflows of $4.6 billion.