USD/JPY tilted lower in Asian trade off December 10 highs following earlier data from Japan and ahead of US data and Fed speeches.
As of 07:04 GMT, USD/JPY fell 0.09% to 103.67, with a session-low at 103.53.
From Japan, the M2 money supply rose 9.2% as expected in December, up from 9.1% in November, while machine orders rose 8.7%, up from 8.6% in November.
The Japanese government is reportedly looking into extending the emergency state to other areas to help control the spread of the coronavirus.
From the US, consumer prices are expected up 0.4% in December, while core prices are expected up 0.1%.
On a yearly basis, consumer prices are expected up 1.3%, while core yearly prices are expected up 1.6%, same as before.
Federal Reserve Governor Richard Clarida is due to participate in a virtual discussion about the Federal Reserve's new framework at the Hoover Institution Monetary Policy Conference.
The US government will unveil its new budget, expected to show the deficit down to $144.5 billion from $145.3 billion in November.