EUR/JPY traded on a stronger note around 164.90 during the early Asian session on Monday.
EUR/JPY extends gains on improved risk sentiment due to the de-escalated tensions between Israel and Iran. ECB’s Villeroy said that Middle East situation is unlikely to impact the central bank’s intention of rate cuts in June. BoJ Governor Kazuo Ueda advocated maintaining the loose monetary policy. However, the European Central Bank will commence interest rate cuts in June, driven by a tepid Eurozone economic outlook and moderating core inflationary pressures.
Antony Blinken, the US Secretary of State, called for restraint following comments from an Iranian official indicating no immediate plans for retaliation against the reported Israeli missile strike. Blinken's statements came after the G7 meeting of foreign ministers in Capri, Italy, as reported by The Guardian. Furthermore, Bank of Japan Governor Kazuo Ueda made dovish remarks during a seminar hosted by the Peterson Institute for International Economics on Friday, according to Reuters.
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