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EUR/JPY trades near 170.00, its highest level since July 2024, on Friday. Soft Japanese data and steady BoJ stance undermine Yen demand. The euro remains firm despite a drop in Eurozone economic sentiment. The Euro (EUR) strengthens against the Japanese Yen (JPY) on Friday, with the EUR/JPY pair climbing toward levels not seen since July 2024. The cross is buoyed by a combination of strong Euro demand and persistent Yen weakness, as diverging monetary policy outlooks between the European Central Bank (ECB) and the Bank of Japan (BoJ) continue to drive the uptrend. At the time of writing, EUR/JPY is trading just shy of the 170.00 psychological level, hovering around 169.70 during the American session. The pair has broken out of a narrow consolidation range seen earlier in the week, where it remained largely capped between 168.20 and 169.00 from Monday to Thursday. Friday’s upside move is fueled by soft Japanese economic data and sustained Euro strength, amid a broader risk-on mood and a weak US Dollar (USD) following mixed US macro data and renewed political pressure on the Federal Reserve (Fed). Fresh Japanese economic data released earlier on Friday added to the Yen’s weakness. The Tokyo Consumer Price Index (CPI) for June rose by 3.1% YoY, a decrease from the 3.4% rise in May. Additionally, Core Consumer Prices rose 3.1% YoY in June, easing from a 3.6% gain in May and falling short of the 3.3% forecast. This marked the first slowdown in core inflation since February, though the pace remains well above the Bank of Japan’s 2% target. Meanwhile, retail sales grew 2.2% in May, down from an upwardly revised 3.5% in April and below the expected 2.7%, suggesting a softening in consumer demand. Japan’s unemployment rate remained unchanged at 2.5% for the third straight month, aligning with…

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Filed under: News - @ June 27, 2025 5:28 pm