The EUR/JPY pair falls sharply to 168.50 in Monday’s New York session as political uncertainty in the Eurozone prompted by French President Emmanuel Macron’s decision of dissolving parliament and calling for a snap election weighed heavily on the Euro.
EUR/JPY tumbles to 168.50 as the Eurozone’s political uncertainty weakens the Euro’s appeal. French Macron called for a snap election after exit polls showed significant seats for Bardella-led Far-right. The BoJ may opt for reducing asset purchases as a step towards policy-normalization.
ECB policymakers worry that wage growth will continue to remain firm, which could boost consumer spending and slow the progress in inflation declining to the bank’s target. Meanwhile, a weak Euro is also expected to spur inflationary pressures by making Eurozone exports competitive in the global market. On the Tokyo front, investors await the Bank of Japan’s monetary policy decision, which will be announced on Friday.
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