NEW YORK ( TheStreet) -- Here are five ETFs to watch this week.

iShares MSCI Japan Index Fund (EWJ)

The Japan-tracking EWJ spent much of the month of June treading water, subdued below its 50-day moving average. At the close of the month, however, the fund caught a break. Thanks to a three-day ascent during the middle of last week, shares of EWJ managed to recapture levels seen during the start of May.

In the coming days, as we take our first steps into the second half of 2011, it will be interesting to see if EWJ can capitalize on last week's strength. The Japanese markets still have ample ground to cover before it regains the highs witnessed prior to the devastating earthquake and tsunami. Along this road to recovery, expect headwinds to persist.

Teucrium Corn ETF (CORN)

Corn prices took a heavy hit at the end of last week following the release of the U.S. Department of Agriculture's crop report. As a result, the futures-tracking CORN crumbled, retreating to levels last seen during the middle of March.

The USDA found that farmers had planted approximately 92.3 million acres of corn during the spring planting season, far outpacing the 90.7 million acre estimate. The Associated Press notes that this is the second largest crop in close to 70 years.

Agriculture will likely continue to be a popular destination for investors looking to track global market growth. Gaining stable access, however, may prove to be a tricky task. Investors looking for a stable long term bet on food should turn to the broad, futures-backed PowerShares DB Agriculture Fund ( DBA), or the equity-tracking Market Vectors Agribusiness ETF ( MOO).

iShares MSCI EMU Index Fund (EZU)

The global marketplace received some welcomed relief last week following reports that progress had been made in the ongoing Greece sovereign debt saga. For weeks, analysts, investors, and market commentators have had their eyes fixed on the EU as member nations debated whether to provide the troubled nation with a second bailout.

EZU, which allows investors with exposure to the currency bloc, witnessed an impressive four-day winning streak over the past week. While this action is encouraging, I urge cautious investors to avoid taking a chance here. There will likely be trials ahead for this region of the globe. Those desperate for Europe should turning to non-EU nations such as Sweden and Switzerland.

iShares Barclays 20+ Year Treasury Bond Fund (TLT)

Long-term U.S. treasury bonds took a heavy hit last week as Greece's debt concerns eased, the markets marched higher, and investors reacted to the end of QE2.

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