USD/JPY flows: JPY gains neutralized by soft import

USD/JPY slumped in early Tokyo hours by almost a figure. It does not look like an intervention, rather a break of stops accelerated move. The June trade data has come in weaker than estimated, the headline figure is positive on slower import growth. And it would build a difficult case for the BoJ if consumption continue to stay low even when real wage turns positive.

USD/JPY is trading 0.13% higher at 156.35 after testing a session low of 155.37.