The base currency – EUR. The counter currency – JPY. The EUR/JPY rate represents the relationship between the Eurozone’s Euro and the Japanese Yen. Because the economies of Japan and Europe are becoming increasingly interconnected, the EUR/JPY rate has acquired considerable importance on the FX market. Boasting a high trading volume, it is one of the strongest currency pairs that does not include the USD. And hence, it is often referred to as a cross-currency pair, or simply 'a cross'.