EUR/JPY extends rally above 167.50 following BoJ rate decision

📆 4/26/2024 4:33 AM
📰 FXStreetNews

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EURJPY News

Crosses,Macroeconomics,BOJ

The EUR/JPY cross drifts higher to 167.20, its highest level since 2008, during the Asian trading hours on Friday.

EUR/JPY gains ground near 167.20 amid the weaker JPY on Friday. The BoJ kept interest rates steady around zero on Friday. ECB’s Nagel said he wouldbe in favor ofa rate cut in June. The EUR/JPY cross drifts higher to 167.20, its highest level since2008,during the Asian trading hours on Friday. The uptick of the cross is supported by the weaker Japanese Yen after the Bank of Japan announced its policy decision.

The Statistics Bureau of Japan reported on Friday thattheheadline Tokyo ConsumerPrice Indexfor Aprilrose 1.8% YoY, compared to the previous reading of a 2.6% rise.Meanwhile, the Tokyo CPI ex Fresh Food, Energy increased1.8% YoY versus 2.7% expected and thepreviousreading of 2.9% rise. The softer inflation in Tokyo also weighs on the safe-haven JPY.

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