Euro vs Yen since 2000

Why compare Euro and Japanese Yen

Euro against yen pairs the world's second most-traded currency with the funding currency of the classic carry trade, and the search behind it is about which major reserve currency held up better against the dollar. Both are exchange rates held as cash, neither earns interest, so the line is a relative move and not a yield on either side. The durable pattern reflects their different engines: the euro tracks the gap between European and U.S. policy, while the yen moves far more on interest-rate differences than on growth, with decades of near-zero Japanese rates leaving it to firm up precisely when global markets panic. It is two heavyweight currencies with opposite tempers, measured against the same dollar, one a steady bloc and the other a haven that wakes in a crisis.