EUR/JPY is seeing its third consecutive session of losses, trading around 164.60 during the European session on Friday. The Japanese Yen (JPY) has strengthened due to potential government intervention, with the Bank of Japan (BoJ) possibly spending around ¥3.66 trillion on Wednesday to support the JPY. This comes after a similar intervention on Monday where approximately ¥6.0 trillion was invested. Japanese banks are closed on Friday for Greenery Day.
In the EU, the Unemployment Rate remained steady at 6.5% in March, with a decrease of 94,000 unemployed individuals compared to the previous month. Meanwhile, the European Central Bank (ECB) Chief Economist Philip Lane emphasized the bank’s commitment to a data-dependent approach during a virtual lecture at Stanford University. Lane noted that despite inflation declining faster than expected, policy effects are lagging behind. The ECB will continue to monitor data moving forward.