EUR/JPY Slumps To Multi-month Lows Below 163.00 On Hawkish BoJ Action -

EUR/JPY Slumps To Multi-month Lows Below 163.00 On Hawkish BoJ Action

Jul 31, 2024Jeremy ParkinsonFinance, No picture0

EUR/JPY came under heavy bearish pressure on Wednesday and dropped to its weakest level since mid-April at 162.20. At the time of press, the pair was trading at 162.90, losing 1.4% on a daily basis. Japanese Yen PRICE TodayThe table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar.

USD EUR GBP JPY CAD AUD NZD CHF USD -0.10% 0.01% -1.52% -0.05% 0.61% -0.26% -0.18% EUR 0.10% 0.13% -1.40% 0.04% 0.71% -0.13% -0.08% GBP -0.01% -0.13% -1.54% -0.09% 0.57% -0.27% -0.20% JPY 1.52% 1.40% 1.54% 1.54% 2.15% 1.27% 1.39% CAD 0.05% -0.04% 0.09% -1.54% 0.64% -0.20% -0.13% AUD -0.61% -0.71% -0.57% -2.15% -0.64% -0.85% -0.78% NZD 0.26% 0.13% 0.27% -1.27% 0.20% 0.85% 0.08% CHF 0.18% 0.08% 0.20% -1.39% 0.13% 0.78% -0.08%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote). BoJ raises policy rate by 15 bpsThe broad-based Japanese Yen (JPY) strength forces EUR/JPY to push lower midweek. Following its July policy meeting, the Bank of Japan (BoJ) announced that it raised the policy rate by 15 basis points (bps) to the range of 0.15%-0.25%. Additionally, the BoJ said that it will taper Japanese government bond (JGB) purchases to JPY3 trillion per month as of the first quarter of 2026.In the post-meeting press conference, Governor Kazuo Ueda said that they will keep raising rates and adjust the degree of easing if the current economic and price outlook is realized, providing an additional boost to the JPY.Reflecting the JPY strength, USD/JPY is down 1.% on the day below 150.50.Meanwhile, Eurostat reported on Wednesday that the core Harmonized Index of Consumer Prices (HICP) rose 2.9% on a yearly basis in July. This reading matched June’s increase and came in above the market expectation of 2.8%.More By This Author:XAG/USD Bulls Now Await Sustained Breakout Through 100-Day SMA Gold Price Holds Above $2,400 Mark, Looks To Fed For More Cues On Interest Rates US Dollar Recovery Stalls Amid A Mildly Brighter Market Sentiment