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As investors await BOJ involvement, the EUR/JPY exchange rate rises toward 143.00

Daniel Rogers

Oct 13, 2022 14:46

截屏2022-10-13 上午10.04.03.png 

 

The EUR/JPY pair is clinging to the nearby 142.60 barrier during the Tokyo session. The asset, which is up for auction between 142.25 and 142.60, is poised for an upward breakout as the risk-off drive begins to wane. The European Central Bank (ECB) President Christine Lagarde's hawkish remark has energized the shared currency's bulls, pushing the cross closer to the significant hurdle of 143.00.

 

The Governing Council is debating Quantitative Tightening (QE), according to an ECB policymaker, who also underlined that the interest rate is the best tool for the current economic environment. It is likely that restrictive policy measures will remain as long as prices in the trading bloc keep rising and show no signs of slowing.

 

The possibility of a second intervention by the Bank of Japan (BOJ) in the currency markets is growing on the Tokyo front. The current value of the yen, according to Japanese authorities, does not accurately reflect economic realities. The USD/JPY pair has significantly beyond the area where the BOJ intervened last month.

 

Hirokazu Matsuno, chief cabinet secretary of Japan, said: "We are actively watching FX movements with a high sense of urgency and will take appropriate measures on excessive FX swings." Despite declining to comment on daily variations in the FX sector. The declaration was made following the USD/JPY pair's multi-year peak at roughly 146.40.


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