USD/JPY declines for seventh straight session to five-month lows

USD/JPY fell in Asian trade to March 12 lows on track for a monthly loss, following earlier industrial data from Japan and ahead of US data. 

As of 06:04 GMT, USD/JPY fell 0.35% to 104.36, with a five-month trough at 104.19. 

Earlier Japanese data showed industrial output rose 1.7% in June, compared to a 8.9% drop in May. 

Unemployment in Japan fell to 2.8% from 2.9%, while the consumer sentiment index rose to 29.5 from 28.4. 

From the US, personal spending is expected up 5.3%, slowing down from 8.2% in May, while personal income is expected down 0.8%. 

US labor unit costs are expected up 0.6%, slowing down from 0.8% in the first quarter, while the Chicago PMI is expected up to 44 from 36.6. 

University of Michigan's consumer confidence survey is expected down to 72.9 from 78.1 in June. 

The US Federal Reserve voted on Wednesday to maintain rates near zero while asserting its readiness to use all available tools to bolster the economy against the pandemic.

The Fed stressed after its 2-day meeting that a full economic recovery will depend on containing the coronavirus pandemic.