EUR/JPY hits multi-year high following Fed decision

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• EUR/JPY rocketed to a multi-year high above 151.75, for the first time since 2008.
• The Federal Reserve held its rates steady at 5%-5.25%.
• Rising US bond yields seem to have had a greater impact on the Yen.

On Wednesday, the EUR/JPY jumped to its highest level since October 2008 following the decision by the Federal Reserve to skip a rate hike. Ahead of Thursday’s European Central Bank (ECB) decision, where 25 basis points (bps) is priced in, German bond yields are rising, giving further traction to the Euro.