News reports said that a number of European central banks, including the ECB and BoE, intervened in the foreign exchange market through selling the yen after the G7 agreed in their meeting yesterday to intervene for the first time in more than a decade to prevent Japan from falling into recession on the back of the devastating earthquake that shook the country last Friday.

Meanwhile, the EUR/JPY is trading at 114.85 after touching a high of 115.54, relative to the day's staring level at 110.83, whereas the GBP/JPY is hovering around 131.50, following the rise to 132.47 from the day's opening of 127.64.