European equities are opening modestly lower on Friday, giving back a small part of yesterday’s post-Fed rebound. The moves are relatively contained across the board:Eurostoxx -0.2%Germany DAX -0.4%France CAC 40 -0.4%UK FTSE -0.3%Spain IBEX -0.4%Italy FTSE MIB -0.3%This looks more like some light profit-taking and consolidation rather than any fresh risk-off sentiment in the market to start the day. European stocks gained strongly yesterday, as falling oil prices and easing bond yields helped markets digest the Fed's rate hike this week.There isn't much in the way of a major European corporate catalyst this morning. Instead, all the attention has been on the BOJ - which raised its policy rate by 25 bps to 1.25%, the highest in 31 years. The 7-2 vote split with two dovish dissents softened the message, and that is helping push USD/JPY back around 157 rather than producing a broader risk-off reaction.And looking to oil prices, that is also offering some support underneath for broader markets. Brent crude is down nearly 2% to $102.80, extending its decline for a third straight session as concerns over disruption to Saudi supply ease.Besides that, he broader backdrop from Wall Street also remains relatively constructive after Thursday's technology-led rebound. S&P 500 futures are up by 0.3% with Nasdaq futures up by 0.7% on the day currently.As such, I would characterise the European open as cautious and slightly softer, rather than outright risk-off. This article was written by Justin Low at investinglive.com.