USD/JPY tilted lower in Asian trade ahead of decisions by the Bank of Japan, and US data, in addition to the inauguration of US President Joe Biden.
As of 06:50 GMT, USD/JPY fell 0.13% to 103.77, with an intraday low at 103.73.
Bank of Japan is expected to maintain rates at minus 0.10% and release its monetary policy guidelines.
Janet Yellen testified ahead of the Financial Committee in the Senate, expected to urge the government for acting strongly with the launch of the new stimulus plans to boost the economy.
Yellen said the US shouldn't aim to weaken the dollar for competitive reasons in response to accusations from China and other powers.
From the US, the house price index is expected at 88, while markets await the inauguration of President Elect Joe Biden and his speech today.