The EUR/JPY exchange rate surged to around 164.25 in Tuesday's early European session, fueled by uncertainty surrounding the Bank of Japan's (BoJ) next interest rate hike. The Japanese Yen weakened as investors await clues on the timing of a potential BoJ rate adjustment. Meanwhile, strong PMI data from Eurozone economies supported the Euro. The upcoming release of the Eurozone's HICP inflation data is expected to influence market expectations for the European Central Bank's (ECB) future interest rate decisions.
EUR/JPY gains momentum to around 164.25 in Tuesday’s early European session, up 0.32% on the day. The Japanese Yen tumbles amid BoJ rate hike uncertainty. Investors brace for the preliminary reading of the Eurozone HICP inflation data, which is due late on Tuesday. The EUR/JPY cross extends the rally to near 164.25 during the early European session on Tuesday. The Japanese Yen weakens amid the uncertainty about the timing of the Bank of Japan's next interest rate hike.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
EUR/JPY Japanese Yen Bank Of Japan Interest Rates Inflation
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