Japanese Yen Surges Against Euro Amid Intervention Threats

The Japanese Yen surged against the Euro on Thursday, driven by warnings from Tokyo that authorities are ready to intervene in the foreign exchange market. Atsushi Mimura, Japan's top currency diplomat, reiterated this stance, saying 'We continue to stand ready on forex,' and adding that he is 'neither at ease nor satisfied' with current conditions.

The Eurozone PMI data was mixed, with German services showing some improvement but remaining below the 50 threshold, while French services continued to weaken. Meanwhile, Italy and Spain reported stronger services readings.

Despite these figures, the sharp appreciation of the Yen against the Euro dominated trading on Thursday, pushing European economic data into the background.