EUR/JPY advances to fresh high since September 2008 as BoJ concerns drown Yen, focus on ECB – by anilpanchal7 EURJPY ECB BOJ RiskAppetite Crosses
-currency pair also ignore the latest retreat in the European Central Bank's hawkish bias ahead of the bloc’s central bank’s monetary policy meeting, mainly due to the downbeat data.
Hopes of continued easing on the part of the Bank of Japan join downbeat US Treasury bond yields and the US government’s efforts to tame the banking crisis to favor the EUR/JPY pair’s latest run-up. After witnessing an exodus of withdrawal and a slump in the First Republic's share price, the Federal Deposit Insurance Corporation called in bids for the troubled US bank in which multiple top-tier private organizations, including JP Morgan, took part. The results are up for release and can give only knee-jerk optimism as an immediate defense of the bank by a private player isn’t a solution to the broad banking problems.
On Friday, BoJ held the current monetary policy unchanged, as expected, while the newly appointed Governor Kazuo Ueda said that it is “appropriate to continue monetary easing to achieve 2% inflation target in tandem with wage growth.” That said, the BoJ dropped its forward guidance for interesthawks retreat amid downbeat EU and German statistics released in the last week.
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