The Japanese Yen dropped sharply against the European currency and other major currencies, on speculation central banks in Europe and U.S. are going to withdrew their stimulus from financial markets, along with the European Central Bank will increase the benchmark interest rate during the next meeting.

The yen retreated significantly against the currencies, as the differences in interest rates that are expected to change by the Central Banks during the coming period; also the expectations indicate that the G-7 is ready to intervene into the market again to sell the yen, which in case of any a desirable increase for the Japanese currency, pushed the yen to decline against its all major counterparts.

Moreover, the Yen dropped today against the shared currency by 1.1% to 116.39, which is the highest level in 10 months, also the yen declined against the NZ dollar to reach to the highest level in more than 4 weeks at 62.49. Further, the USD/JPY pair inclined to its highest level in more than 2 weeks at 82.47s.