EUR/JPY edges higher to 161.40 during the Asian trading hours on Tuesday, halting its five-day losing streak. The Japanese Yen (JPY) encounters downward pressure following remarks made by Japan's Finance Minister Shunichi Suzuki, who suggested that now is not the appropriate time for the Bank of Japan (BoJ) to tighten monetary policy. This dynamic provides support for the EUR/JPY cross.
Furthermore, Bank of Japan (BoJ) Governor Kazuo Ueda stated in his parliamentary speech on Tuesday, "When the achievement of a 2% inflation target is within reach in a stable and sustainable manner, we will consider exiting from negative interest rates. If inflation accelerates and necessitates monetary tightening, we may raise interest rates without reducing the BoJ's bond holdings."
Furthermore, Bank of Japan (BoJ) Governor Kazuo Ueda stated in his parliamentary speech on Tuesday, "When the achievement of a 2% inflation target is within reach in a stable and sustainable manner, we will consider exiting from negative interest rates. If inflation accelerates and necessitates monetary tightening, we may raise interest rates without reducing the BoJ's bond holdings."
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