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EUR/JPY slumps below 137.00 on ECB surprise

FXStreet (Córdoba) - EUR/JPY fell sharply and broke below the 137.00 mark after the European Central Bank decided to cut the main interest rates by 10 bps at today’s meeting.

The interest rate on the main refinancing operations was cut to 0.05% from 0.15%, the rate on the marginal lending facility was cut to 0.30% from 0.40%, while the deposit rate was cut to -0.20% from -0.10%.

The rate cuts came as a surprise putting all the attention on ECB President, Mario Draghi, who will comment on the considerations underlying these decisions at a press conference starting at 12:30 GMT.

EUR/JPY lost more than 100 pips on the decision and it is currently trading at 136.75, recording a 0.75% loss on the day. The pair hit a low of 136.71 in recent dealings.

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