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. [Japanese Yen’s Spike to Record Against Dollar Lifts Currency ETFs]

“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.” [Japanese Yen ETF Marks New High]

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