The EUR/JPY cross loses traction below the 157.00 mark during the early European trading hours on Monday. The cross currently trades near 156.65, losi
ng 0.97% for the day. That said, the recent Japanese policymaker's comment is the main driver for the pair’s movement on Monday. Market players await the key European Central Bank event on Thursday for fresh impetus.
On Friday, the German Harmonised Consumer Price Index for August came in at 6.4% YoY, as the market expected whereas the core CPI remained unchanged at 6.1%, Destatis reported on Friday. Furthermore, the Eurozone Gross Domestic Product for the second quarter grew 0.1% versus 0.3% prior, missing market expectations at 0.3%.
In response to Bank of Japan Governor Kazuo Ueda's hawkish statements, the Japanese yen strengthened broadly and the benchmark 10-year Japanese Government Bond yield hit the highest level since January 2014. Ueda stated in the interview on Monday that the central bank could exit its negative interest rate policy when its inflation target of 2% is near. Policymakers also said that the
would have sufficient evidence by the end of the year to evaluate whether interest rates should stay negative.
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