SEC Division of Corporation Finance no-action letter: CurrencyShares Japanese Yen Trust

FOLEY & LARDNER LLP
FOLEY & LARDNER LLP
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March 23,2007
Securities Exchange Act of 1934
Rules 13a-14(a) and 15d-14(a) and
Item 60 1 @)(3 1) of Regulation S-K
Division of Corporation Finhce
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Re: Rydex Specialized Products LLC d/b/a "Rydex Investments", Sponsor of CurrencyShares Japanese Yen Trust (File No. 333-138881); Certification Rules for Quarterly and Annual Reports set forth in Exchange Act Rules 13a-14(a) and 15d-14(a) and Item 601@)(31) of Regulation S-K Ladies and Gentlemen:
This letter revises and replaces our letter to you dated March 16,2007, which is hereby withdrawn. We are writing on behalf of Rydex Specialized Products LLC, sponsor (the "Sponsor") of CurrencyShares Japanese Yen Trust (the "Trust"). The Sponsor, on behalf of itself and the Trust, hereby requests from the Division of Corporation Finance (the "Staff ') of the Securities and Exchange Commission (the "Commissionyy) "no-action" relief from the rules governing the certification of disclosure in quarterly and annual reports adopted by the Commission pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (the "SOX Act") and set forth in Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended (the "Exchan~e Act"), and Item 601@)(31) of Regulation S-K (the certifications required by these particular laws, rules and regulations are referred to as "Certifications" in this letter). Specifically, we are requesting written confirmation that the Staff will not recommend enforcement action to the Commission if the Certifications filed with the Trust's periodic reports and signed by the Sponsor's Chief Executive Officer ("CEO") and Chief Financial Officer ("w)deviate from the form of Certification set forth in Item 601@)(3 1) of Regulation S-K, as described more fully herein. We believe that the relief requested in this letter is consistent with precedent, the public interest and the protection of investors and would further the purposes intended by the policies and provisions of the SOX Act and the Exchange Act.