The EUR/JPY pair trades on a stronger note below the mid-162.00s during the Asian session on Monday.
EUR/JPY holds positive ground near 162.35 in Monday’s Asian session. Several ECB policymakers expect the first rate cut in June meeting. Markets have different opinions on whether the BoJ will raise rates in March or in April. The Bank of Japan's monetary policy meeting on Tuesday will be a closely watched event for traders. Investors increase their bets on the expectation that the Bank of Japan will end its ultra-dovish monetary policies in March or April.
In the case of a rate hike, the central bank is projected to raise the interest rates by 20 basis points to 0.1% from -0.1%. There is a likelihood that the BoJ will wait until April to raise the interest rate, with investors pricing in 39% odds that the BoJ will hike on Tuesday. Any dovish remarks from the Japanese policymakers might weigh on the Japanese Yen and create a tailwind for the EUR/JPY cross.
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