Euro climbs for third straight day against yen on central banks prospects
2023-04-10 12:01PM UTC

Euro rose in European trade against yen for the third straight session amid the divergent outlook for central banks in Japan and Europe, with the ECB expected to increase interest rates successively in upcoming months. 


Conversely, Bank of Japan new governor Kazuro Ueda asserted his commitment to the ultra easy monetary policy of his predecessor and ruled out extensive rate hikes.


EUR/JPY rose 0.5% to 144.70, with a session-low at 143.80, after rising 0.1% on Friday, the second profit in a row, resuming gains after a short hiatus away from three-month highs at 145.67. 




Recent strong European data showed the economy is doing better than expected in the first quarter, paving the way for further policy tightening by the European Central Bank.



ECB President Christine Lagarde said the bank still has a lot to do, and will depend on data to decide its upcoming policy decisions, noting that inflation remains high in the euro zone.


Kazuo Ueda


New Bank of Japan Governor Kazuo Ueda officially took the position on Monday and asserted the bank's commitment to easy monetary policies. 


Ueda said the ongoing challenge is how to extend monetary easing while pledging to further extend the previous policies, and noted that Bank of Japan's current monetary incentives helped boost Japan out of recession.


Ueda said extensive rate hikes aren't viable in Japan in current  conditions and that the financial markets have started to regain their calm.

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