Euro Rises Against Yen Ahead of BOJ Meeting


The euro gained while the Japanese yen today Monday, April 24, 2023 in thin trading ahead of a closely watched Bank of Japan meeting and the last few data releases before Federal Reserve and European Central Bank interest rate decisions in early May.

The euro was up 0.3% against the dollar at $1.1023, back above $1.10 for the first time since it hit a 14-month high of $1.10755 earlier this month.

Against the yen, the euro hit its highest since December 2014. It was last up 0.6% at 148.34 yen. The yen was pressured overall by remarks from the new Bank of Japan governor Kazuo Ueda about the need to maintain monetary easing.

The dollar also rose versus the Japanese currency, and was up 0.4% at 134.595 yen.

According to Marc Chandler, the chief market strategist at Bannockburn Global Forex in New York, “The dollar is trading with a softer bias, except against the yen. But it’s well within well-worn ranges,”

He continued, “It’s the calm before the storm. Next week we have the ECB and the Fed meetings, as well as the U.S. jobs data. I would be surprised if people take big bets this far away from those events.”

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