EUR/JPY crosses 156.00 on mixed Japan data, BoJ action ahead of Eurozone inflation, GDP – by anilpanchal7 EURJPY YieldCurve ECB BOJ Crosses
ay’s European session. In doing so, the cross-currency pair justifies the weekend comments from European Central Bank PresidentBoJ conducts the first special bond-buying since February on early Monday, worth 300 billion Yen, with a 5-10 year residual maturity. That said, the preliminary readings of Japan’s Industrial Production for June eased to 2.0% MoM versus 2.4% market forecasts and -2.2% previous readings while the YoY figures drop to -0.4% from 4.2% prior.
Apart from Japan, Eurozone moves, optimism about China stimulus and upbeat yields also underpin the EUR/JPY run-up ahead of German Retail Sales and the first readings of theinflation data for July, per the Harmonized Index of Consumer Prices, as well as the second-quarter seasonally adjusted Gross Domestic Product .
On Friday, the EUR/JPY jumped as the Bank of Japan defied the market’s expectations of announcing an immediate tweak to its Yield Curve Control policy by keeping the monetary policy measured unchanged. The Japanese central bank , however, pledged to make YCC more flexible and drowned the JPY after an initial run-up in the Yen.said that they “need to patiently continue monetary easing to support the economy.” BoJ’s Ueda also added that the decision is aimed at making YCC more sustainable.
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