USD/JPY Falls after BOJ Rate Decision

USD/JPY is trading at 103.71, down 1.10 The pair is trading very choppy with a wide range. The Bank of Japan made no change to the negative interest rate and said they will increase the annual exchange-traded equity funds purchase target to JPY 6.0 trillion from JPY 3.3 trillion. Japan's Ministry of Internal Affairs and Communications reported that year over year CPI (consumer price index) for June was unchanged at minus 0.4 percent versus minus 0.4 percent in May. On the month CPI fell to minus 0.2 percent from 0.1 in May. Household spending in Japan declined by 2.2 percent year over year in June following a 1.1 percent drop in May. It was the 4th straight month of a decline. Unemployment improved to 3.1 percent from 3.2 percent.