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Yen is continuously gaining ground against Euro after European Central Bank (ECB) announced massive purchase program on January and started the purchase on March 9th.
- Bank of Japan's (BOJ) QQE program of asset purchase and increase of pace last October pushed Euro to 150 against Yen from 95 as on September 2012. However, ECB seems to have reverse the process with its purchase program.
- EUR/JPY is currently trading at 126.4, down 0.35% today so far. Yen has gained 12.8% YTD against Euro so far. Further gains might be ahead. Next target is coming around 119/120 area.
Falling yields across Euro zone is behind the latest push downwards in EUR/JPY.
- Before ECB purchase program Japanese 10 year yields were trading lowest only second to Switzerland. Now Japan stands behind Germany, Finland, Austria, and Netherlands.
Similarly Yen might appreciate against other European currencies, where yields are creating havoc.
- Expansionary monetary policies in Sweden and Denmark have now pushed benchmark yields below that of Japan up to 10 years.
Yen is up against both Danish Krone (DKK) and Swedish Krona (SEK) 15.4% and 13.4% respectively.
