USD/JPY Sharply Lower

USD/JPY is trading at 103.32, down 1.51 The pair is trading very choppy with a wide range. Market chatter about the Bank of Japan's (BOJ) monetary policy and Japan's economy is making the rounds. Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) reported that year over year housing starts fell 2.5 percent in June versus a 9.5 percent rise in May. The agency reported that year over year construction orders fell 2.4 percent versus a 34.5 percent rise in May. Japan's Nikkei Manufacturing PMI (purchasing managers survey) is due out Sunday evening.