EUR/JPY Exchange Rate History
A decade of Euro–Japanese Yen movements, with the events that drove them.
EUR/JPY 10-year snapshot
EUR/JPY currently sits roughly 96% through its 10-year range — near the upper end, with the rate at decade-high levels.
The last decade in EUR/JPY
EUR/JPY is the premier "risk barometer" cross — combining a risk-sensitive European currency with the leading carry-trade funding currency. Over 2016–2026, the pair traded between 109 (March 2020 risk-off panic) and 175 (July 2024 pre-carry-unwind peak). When global risk appetite rises, EUR/JPY rallies; when carry trades unwind, the pair crashes spectacularly.
Long-term trend
Long-term JPY weakness pushed EUR/JPY structurally higher from 2016's 115-125 range to the 155-175 range of 2024-2025. The 2024 BoJ exit from negative rates and the August 2024 carry-trade unwind have begun to reverse this trend. EUR/JPY remains the cleanest expression of the carry-trade cycle in major-currency FX.
Key events
Brexit referendum — EUR/JPY plunges
The Brexit vote triggered safe-haven JPY demand, driving EUR/JPY to multi-year lows. The pair fell across all G10 currencies as global risk-off flows sought JPY.
EUR/JPY fell from 124 (June 23) to 109 (June 27) — a 12% drop in four trading days.
COVID pandemic shock
Pandemic panic drove the largest single-week JPY rally in years as global carry trades unwound. EUR/JPY hit multi-year lows before reversing on Fed/ECB emergency easing.
EUR/JPY fell from 122 to 114 in March 2020, then rallied to 140 by mid-2021.
European gas crisis + BoJ inaction
Europe's gas crisis weighed on EUR, but the BoJ's continued ultra-dovish policy weighed on JPY even more. EUR/JPY rallied to multi-year highs despite eurozone economic stress.
EUR/JPY rose from 138 (May 2022) to 148 (October 2022).
EUR/JPY hits 175 — all-time high
EUR/JPY broke 175 in July 2024 — its highest level in decades. The combination of ECB rate hikes and continued BoJ accommodation drove the relentless trend.
EUR/JPY peaked near 175 in July 2024 before reversing.
August 2024 carry unwind
The most violent carry-trade unwind in 20 years saw EUR/JPY fall 8% in three days. Leveraged carry positions across the Asia-Pacific were forcibly closed as volatility spiked.
EUR/JPY fell from 175 (July 31) to 156 (August 5) — an 11% drop in five trading days.
BoJ continues normalization
BoJ hiked to 0.75% — the highest Japanese policy rate since 2008. EUR/JPY weakened on improving yen real-rate fundamentals.
EUR/JPY fell from 170 to 158 between July and December 2025.
Practical takeaway
For Europeans traveling to Japan (or Japanese travelers to Europe), EUR/JPY is uniquely volatile during global stress events. The August 2024 carry-unwind made trips suddenly 10% more expensive for Japanese visitors to Europe in days. Watch EUR/JPY around BoJ meetings, US payrolls, and VIX spikes — the carry-trade mechanics produce sharp, fast moves rather than gradual trends.
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Frequently asked questions
Why is EUR/JPY called a "risk barometer"?
EUR/JPY combines a risk-sensitive European currency with the leading carry-trade funding currency (JPY). When global equity markets rally, investors borrow JPY cheaply and buy higher-yielding assets including EUR — pushing EUR/JPY up. When risk reverses, carry unwinds and EUR/JPY falls sharply.
What was the August 2024 carry-trade unwind?
On August 5, 2024, the JPY rallied violently against all major currencies as leveraged carry positions were closed simultaneously. The trigger was a combination of BoJ hawkishness, soft US payrolls, and a sudden global volatility spike. EUR/JPY fell from 175 to 156 in five trading days — among the largest weekly JPY rallies in 20 years.
What's the all-time high for EUR/JPY?
EUR/JPY peaked near 175 in July 2024 — driven by long-running BoJ accommodation while the ECB raised rates aggressively. The previous all-time high was 169.97 in July 2008 just before the global financial crisis. The 2024 peak surpassed that 16-year-old record by a small margin before reversing.
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