The EUR/JPY cross gains traction to near 161.65 during the early European session on Monday.
EUR/JPY drifts higher to 161.65 in Monday’s Asian session, up 0.22% on the day. The BoJ is expected to keep rates on hold on Thursday. Hope for political stability after Macron appointed a new Prime Minister lifts the EUR, but ECB’s dovish shiftmight cap its upside. The Japanese Yen weakens amid the growing speculation that the Bank of Japan will keep interest rates steady in the December meeting on Thursday.
Several BoJ policymakers appear to be in no rush to tighten their monetary policy further with little risk of inflation overshooting despite Japan's still near-zero borrowing costs. This, in turn, exerts some selling pressure on the JPY and creates a tailwind for EUR/JPY. On the Euro front, French President Emmanuel Macron named François Bayrou, a centrist ally, as prime minister on Friday. The hope for political stability provides some support to the shared currency.
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