EUR/JPY Soars Past 185.00 as BoJ Keeps Interest Rates at 1%

The EUR/JPY exchange rate has surged past 185.00 against the Japanese Yen following the Bank of Japan's (BoJ) monetary policy decision.

The BoJ maintained its interest rates at 1%, with an 8-1 majority, despite BoJ member Hajime Takata's dissenting vote in favor of a 25 basis points (bps) interest rate hike to push rates up to 1.25%.

Takata emphasized the need for higher interest rates to combat economic and price trends, with the BoJ warning that medium-to-long-term inflation expectations will continue to rise.

The BoJ stated its commitment to raising interest rates in response to economic, price trends, and financial conditions.