USD/JPY declines for sixth straight session

USD/JPY tilted lower in Asian trade to late July lows amid a lack of data in Japan today due to a national holiday and ahead of speeches by Fed Chair Jerome Powell and other members. 

As of 06:50 GMT, USD/JPY fell 0.2% to 104.31, with an intraday high at 104.58, and the lowest in eight weeks at 104.27. 

Federal Reserve Chair Jerome Powell is due  speak, along with the rest of the FOMC board members, about rule-making for the Community Reinvestment Act, via satellite.

Federal Reserve Governor Lael Brainard will also speak about the Community Reinvestment Act at the Urban Institute, via satellite.

The US Federal Reserve held the interest rate between zero and 0.25%, and signaled that it plans to keep near zero at least until the end of 2023.

The central bank raised its estimates for the GDP in 2020, and lowered its forecasts for the unemployment rate to 7.6% due to the rapid recovery of the economy during this summer.

Federal Reserve Chairman Jerome Powell confirmed the bank’s ability to support the US economy to return to its growth path, adding that Fed remains committed to using full range of tools.