- EUR/JPY returned from below 162.00 because German Friedrich Merz was confirmed as the new Chancellor.
- German Merz failed to secure a full majority in the first voting process in Bundestag.
- Trump's tariff threats to pharmaceutical imports increased JPY's safe request.
The EUR/JPY pair rebounds above 162.00 during the North American trading session after attracting bids near 161.60, which is low intraday. The pair returned as the German conservative leader Friedrich Merz was getting a full -time majority after getting 325 votes in Bundestag or the Lower House of Parliament in the second attempt.
Friedrich Merz received 310 votes in the first attempt, six short 316 needed to be elected as German Chancellor despite the CDU/CSU and Social Democrats collectively ordered 326 votes in Bundestag.
Friedrich Merz's confirmation as Chancellor reduced the fear of political unevenness and is expected to boost defense spending steps approved in March.
However, it is firmly hoped that the European Central Bank (ECB) will reduce interest rates at the June Policy Meeting will limit the reversal of the Euro (EUR). The ECB is widely expected to cute interest rates by 25 basic points (BP). This will be the seventh interest rate that the ECB has cut off in order. The reasoning behind the firm ECB Dovish Bets is highly believed that Eurozone's inflation is on track to return to the target central bank of 2% by the end of the year.
Meanwhile. Trump threatened to impose tariffs on pharmaceutical imports, which would be reported within two weeks.
Japanese yen price right now
The table below shows the percentage change of Japanese Yen (JPY) against the listed basic currencies today. Japanese Yen is the strongest against Swiss Franc.
| USD | EUR | Gbp | Jpy | Cad | Aud | Nzd | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.22% | -0.55% | -0.59% | -0.23% | -0.14% | -0.45% | 0.22% | |
| EUR | 0.22% | -0.34% | -0.36% | -0.02% | 0.07% | -0.23% | 0.44% | |
| Gbp | 0.55% | 0.34% | -0.04% | 0.32% | 0.44% | 0.11% | 0.81% | |
| Jpy | 0.59% | 0.36% | 0.04% | 0.35% | 0.45% | 0.22% | 0.82% | |
| Cad | 0.23% | 0.02% | -0.32% | -0.35% | 0.09% | -0.22% | 0.48% | |
| Aud | 0.14% | -0.07% | -0.44% | -0.45% | -0.09% | -0.31% | 0.39% | |
| Nzd | 0.45% | 0.23% | -0.11% | -0.22% | 0.22% | 0.31% | 0.69% | |
| CHF | -0.22% | -0.44% | -0.81% | -0.82% | -0.48% | -0.39% | -0.69% |
The heat map shows the percentage change of basic currencies against each other. The base currency is taken from the left column, while the quote currency is taken from the top row. For example, if you choose the Japanese yen from the left column and move to the horizontal line in the US dollar, the percentage shown in the box represents JPY (base)/USD (quote).
In front of the domestic, investors are awaiting minutes of the Bank of Japan (BOJ) policy policy policy meeting, which will be published on Wednesday.
