Yen Depreciates Against Majors

The Japanese yen weakened against other major currencies in the Asian session on Wednesday.

The yen depreciated to nearly a 16-year low of 164.68 against the euro and nearly a 9-year low of 192.76 against the pound, from yesterday's closing quotes of 163.90 and 191.88, respectively.

The yen slipped to more than a 4-month low of 151.54 against the U.S. dollar and more than a 2-week low of 170.45 against the Swiss franc, from yesterday's closing quotes of 150.85 and 169.82, respectively.

Against Australia, the New Zealand and the Canadian dollars, the yen dropped to nearly a 1-month low of 98.95, nearly a 2-week low of 91.61 and more than a 3-week low of 111.62 from Tuesday's closing quotes of 98.49, 91.61 and 111.19, respectively.

If the yen extends its downtrend, it is likely to find support around 165.00 against the euro, 194.00 against the pound, 152.00 against the greenback, 173.00 against the franc, 99.00 against the aussie, 94.00 against the kiwi and 113.00 against the loonie.