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NEW YORK (TheStreet) -- ETF investors will carefully watching to see what steps will be taken to deal with inflationary problems in Vietnam and the troublesome rise in the yen in Japan.

Market Vectors Vietnam ETF (VNM) - Get VanEck Vietnam ETF Report

I have often looked to the Vietnam as a promising frontier market. However, recently, the nation has faced pressure as its government takes bold steps in an effort to rein in its growing trade deficit while at the same time preventing against the threat of inflation.

In response to the actions taken by the nation's leaders the Vietnam ETF was pounded throughout most of last week, at one point testing new all time lows.

Looking towards the next few days, investors interested in Vietnam will want to keep a close watch to see if VNM can recover some of the ground lost recently.

CurrencyShares Japanese Yen Trust

(FXY) - Get Invesco Currencyshares Japanese Yen Trust Report

The recent run of dismal economic news has thrust the Japanese yen into the spotlight. In response to concerns regarding the strength of the global recovery, this defensive currency has powered higher, visiting 15-year highs.

While good for the FXY, the staggering ascension of the yen has weighed on Japan's markets, causing the Nikkei to take a shot across the bow. In response, Prime Minister Naoto Kan has offered up tough rhetoric, warning that decisive action would be taken to cool the yen's strength when it becomes necessary.

Despite the strong words, the yen may have some more fuel left in its tank this week as investors prepare to digest another round of economic data.

Market Vectors Gaming ETF

(BJK) - Get VanEck Gaming ETF Report

As evidenced by the recent performance of BJK, sin is in. Despite the growing concerns about the strength of the global economic recovery, the gaming industry appears to be holding strong, with this fund handedly beating out the performance of the broad

S&P 500

throughout 2010.

With top holdings such as

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Wynn Resorts

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Las Vegas Sands

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, BJK not only exposes investors to the craps tables in Las Vegas but also internationally hot gaming regions such as Macau.

iShares COMEX Gold Trust

(IAU) - Get iShares Gold Trust Report

Throughout the recent bout of economic turmoil, gold has staged an impressive comeback, approaching a nominal all-time high. Aside from IAU,

SPDR Gold Trust

(GLD) - Get SPDR Gold Shares Report


Market Vectors Gold Miners ETF

(GDX) - Get VanEck Gold Miners ETF Report


Market Vectors Junior Gold Miners ETF

(GDXJ) - Get VanEck Junior Gold Miners ETF Report

will also be funds to watch as investors pile back into the yellow metal.

Silver has shown promise as well, sending

iShares Silver Trust

(SLV) - Get iShares Silver Trust Report


Global X Silver Miners ETF

(SIL) - Get Global X Silver Miners ETF Report

higher. While heavily used in an industrial setting, like gold, silver will benefitting from the shaky outlook towards the global economic recovery.

iShares iBoxx $ High Yield Corporate Bond Fund

(HYG) - Get iShares iBoxx $ High Yield Corporate Bond ETF Report

Bonds and other yield bearing asset classes are in vogue as investors seek out any sort of stable payout to defend against today's trying economic climate.

Investors looking to add some additional risk to their portfolio may find HYG an attractive option in coming days. Although this fund's index is comprised of companies whose debt is considered below investment grade, thanks to the general strength indicated by this most recent earnings season I don't foresee much in the way of defaults in the coming week.

-- Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management was long iShares COMEX Gold Trust and Market Vectors Gold Miners ETF.

Don Dion is president and founder of

Dion Money Management

, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.