EUR/JPY holds position below 169.00 following Tokyo Consumer Price Index data

• EUR/CAD holds losses following the release of key economic data from Japan.
• Tokyo Consumer Price Index rose 3.1% YoY in June against the 3.4% rise in May.
• ECB Vice President Luis de Guindos said that the euro's role could grow if the EU advances with key reforms.

EUR/JPY remains subdued for the second successive session, trading around 168.90 during the Asian hours on Friday. The currency cross holds little losses following the release of the Tokyo Consumer Price Index (CPI) data.

The Statistics Bureau of Japan showed that the Tokyo Consumer Price Index (CPI) climbed 3.1% year-over-year in June as compared to 3.4% in the previous month. Additionally, Tokyo CPI ex Fresh Food climbed 3.1% YoY against 3.3% expected and down from 3.6% in the prior month. The Tokyo CPI ex Fresh Food, Energy rose 3.1% YoY in June, against the previous reading of 3.3%.

Japan's Retail Trade increased by 2.2% year-on-year in May, falling short of an upwardly revised 3.5% rise in April and below market expectations of 2.7% growth. This marked the 38th straight month of retail sales growth, though it was the slowest increase since February. Meanwhile, Japan's Unemployment Rate remains consistent at 2.5% in May for the third consecutive month, as expected.

European Central Bank (ECB) Vice President Luis de Guindos noted on Thursday, "The role of the Euro can expand if the European Union (EU) progresses with reforms." "Markets are surprisingly calm in recent days given geopolitical events," he added.

Meanwhile, ECB chief economist Philip Lane said that "Our monetary policy will have to take into account not only the most likely path (the baseline) but also the risks to activity and inflation," per Reuters.