USD/JPY backs off eight-month high ahead of Kuroda's speech

USD/JPY fell in Asian trade off May 23 highs following earlier Japanese data and amid concerns of a mysterious  pneumonia-linked virus in China. 

As of 05:57 GMT, USD/JPY fell 0.21% to 109.95, with an intraday low at 109.9. 

Bank of Japan voted to maintain rates at minus 0.1% as expected while raising growth estimates for the first time in a year. 

BoJ governor Haruhiko Kuroda will speak today, after speaking last Wednesday and asserting BoJ will continue easing policies until inflation hits 2%.

Last month, the Japanese government raised growth estimates for the next financial year to 1.4% from 1.2%.

Otherwise, news of a mysterious  pneumonia-linked virus in China that left several people dead has raised some concerns in the market especially before the new lunar year holiday.