EUR/JPY gains momentum above 162.70 as BoJ ends negative interest rate era

EUR/JPY holds positive ground around 162.77 after the BoJ rate decision. BoJ decided to end a negative interest rate era that began in 2016, in line with market expectations. ECB’s de Cos said the central bank may start cutting rates in June if inflation in the eurozone continues to ease. Investors will focus on the German and Eurozone ZEW Survey on Tuesday.

However, the ECB policymakers signaled progress in easing inflation and started discussions about the timeline of the rate cut. The ECB Pablo Hernandez de Cos said that the central bank may start lowering interest rates in June if inflation in the eurozone continues to cool down. The ECB Governing Council member Klaas Knot penciled in June for a first-rate cut and expects three rate cuts this year. Moving on, market players will focus on the German and Eurozone ZEW Survey, due later on Tuesday.

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