EUR/JPY Drops Below 178.00 as Yen Strengthens on BoJ Minutes

Key Facts

The EUR/JPY cross traded in negative territory around 177.90 during the early European session on Thursday, November 5, 2026. FXStreet reported that the pair declined below the 178.00 level and its 100-day Simple Moving Average as the Japanese Yen gained strength.

Minutes from the Bank of Japan's September meeting reinforced expectations for further interest rate hikes, supporting the Yen. This hawkish tilt follows recent data from October 30, 2026, where the BoJ maintained interest rates at 1.25% amid a 2.2% monthly expansion in industrial production for September.

The Bank of Japan is scheduled to release its Summary of Opinions on November 9, 2026, which may offer further policy clarity. Investors are also awaiting Japanese Household Spending data on the same day, with forecasts projecting a 0.1% year-on-year increase.