EUR/JPY continues rising after the release of final Eurozone inflation data shows no change from estimates. Comments from the Japanese Cabinet Secretary suggest the authorities may be close to an FX market intervention. Further commentary from ECB speakers could cause fluctuations for EUR/JPY. The pair’s fluctuations seem to have been mainly driven by a combination of Eurozone inflation data and comments from a Japanese government official designed to support the Japanese Yen .
Hayashi said that “we are closely watching FX moves” and are “prepared for full measures.” This may indicate the Japanese authorities are seriously considering a direct intervention in FX markets in which they would sell their FX reserves to buy JPY in the hope of strengthening it. The knock-on effect of such an intervention, though felt most keenly in USD/JPY, would probably result in a weakening in the EUR/JPY pair.
Source: Digital Coin News (digitalcoinnews.net)
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