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Exchange traded funds pegged to the yen could see action Thursday as the Bank of Japan meets. There is speculation the central bank could intervene again in currency markets to cool the yen’s recent rally against the dollar.

CurrencyShares Japanese Yen Trust (NYSEARCA:FXY) was little changed Wednesday after marking a new 52-week high the previous session amid the safe-haven trade. In fact, the yen has climbed to a new post-World War II high against the greenback. The Bank of Japan will be closely watching the outcome of Wednesday’s European summit.

“We will not rule out every possible measure in dealing with this,” Jun Azumi told reporters at the Ministry of Finance, according to a WSJ.com report. “I’ve just instructed the ministry staffers again to make preparations so that we can act in response to anything.”

A surging yen is a burden to Japan’s exporters, and the nation has already suffered in the wake of the March tsunami and earthquake. The European sovereign debt crisis and the malaise in the U.S. economy has weighted upon the Japanese economy as well.

CurrencyShares Japanese Yen Trust

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Read the disclaimer: Tom Lydon is a board member of Rydex|SGI.

Tisha Guerrero contributed to this article.

Disclosure: None

Source: Yen ETFs In Focus As Bank Of Japan Meets