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24 Oct 2022

EUR/JPY turns extremely volatile amid BOJ’s intervention chatters, ECB/BOJ policy buzz

  • EUR/JPY has displayed wild moves in a 143.75-147.27 range amid potential BOJ’s intervention chatters.
  • The BOJ is expected to continue its ultra-dovish monetary policy to support economic fundamentals.
  • To combat mounting price pressures, the ECB may hike interest rates by 75 bps.

The EUR/JPY pair has gyrated in a 143.75-147.27 range in the Tokyo session. The cross is displaying sheer volatility amid developments on the Bank of Japan (BOJ)’s intervention in the FX markets to support the Japanese yen against speculative moves. The asset is displaying wild moves after commentary from Japan’s top currency diplomat Masato Kanda.

Japan’s Kanda, on Monday, cited that the administration is ready to take necessary action 24*7 to support the Japanese yen against one-sided speculative moves in the currency market. Japanese officials denied commenting on their intervention in FX markets but promises to take necessary action against disorderly market moves.

It is worth noting that the asset displayed a knee-jerk reaction on Friday after overstepping the critical hurdle of 148.00.

This week, the BOJ’s monetary policy announcement will hog the limelight. Economic prospects are deteriorating in the Japanese economy amid external demand shocks, which may trigger a continuation of an ultra-dovish monetary policy. Last week, Japan’s inflation figures landed lower than their projections. The headline Consumer Price Index (CPI) dropped to 3.0% vs. the expectation of 3.1% and core CPI landed at 1.8% against 2.0% as projected.

On the Eurozone front, the shared currency bulls will dance to the tunes of an interest rate decision by the European Central Bank (ECB), which is due on Thursday. According to analysts from Rabobank, a 75 basis point (bps) interest rate hike is a done deal. They see the deposit rate reaching 3% by March next year.

Inflationary pressures in the trading bloc are not anchored yet, therefore, ECB President Christine Lagarde doesn’t possess other alternatives than to tighten its policy further.

On Friday, Reuters reported that German Parliament is preparing to vote for the approval of a €200 billion emergency rescue package to tackle the energy crisis.

 

 

 

 

 

 

 

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