The EUR/JPY depreciated for the second consecutive day on Monday, with the JPY boosted amid investor concerns about an imminent Yen intervention. The pair is trading at 182.25 at the time of writing, after hitting a five-week low of 181.91 earlier in the day.
EUR/JPY depreciates for the second consecutive day and hits levels below 182.00.January's German IFO Business Climate Index shows a stalled market sentiment.The Yen remains firm amid speculation of a joint US-Japan intervention.
The EUR/JPY depreciated for the second consecutive day on Monday, with the JPY boosted amid investor concerns about an imminent Yen intervention. The pair is trading at 182.25 at the time of writing, after hitting a five-week low of 181.91 earlier in the day.The Yen has been the best performer among the G8 currencies over the last two trading days, following a report by Reuters, stating that the US Federal Reserve had been conducting US Dollar - Yen rate checks with major US banks on Friday. The news, which boosted speculation about a joint US-Japan FX intervention, sent the Yen surging across the board.Earlier on Monday, Japan’s Prime Minister, Sanae Takaichi, reiterated Tokyo authorities’ commitment to act against speculative market movements in a TV interview, another intervention warning, providing additional support to the Yen.In the Eurozone, German IFO Business Climate Figures have failed to provide any significant support to the Euro. Business sentiment has remained steady at 87.6 in January, against expectations of a slight improvement to 88.1. The sentiment about the current economic situation barely improved, to 85.7 from 85.6 in the previous month, and the Expectations Index deteriorated moderately, to 89.5 from 89.7 in December.On Friday, preliminary PMI figures released on Friday showed mixed readings, with the manufacturing sector improving beyond expectations, although still at contraction levels, and the services sector’s activity expanding, yet at a slower-than-expacted pace.a
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