At 02.59 GMT, the Japanese Yen dropped against its major counterparts, where it sharply declined against the American dollar after the Bank has decided to intervene in the FX market to hold the yen's gains, while the yen rose to the highest levels during the period, adding Japanese exporters' earnings to decline.

The USD/JPY pair trades at 78.90 after recorded a high of 78.92 until now, while the pair was trading around 77.13 before the Bank's decision.

On the other hand, the EUR/JPY pair rose to record a high of 112.96, while British pound increased against the Japanese yen to hit the highest level at 129.34.