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The Japanese yen slipped against its major counterparts in the Asian session on Wednesday amid rising risk appetite, as most Asian shares rose following the overnight gains on Wall Street in a late-stage rally.

Concerns over a trade war eased a bit after U.S. President Donald Trump held out the possibility of a trade deal with China.

Trump predicted that the U.S. will reach a "great deal" with China, although the president warned of more tariffs if a deal is not possible.

"I think that we will make a great deal with China and it has to be great, because they've drained our country," Trump told Laura Ingraham of Fox News on Monday.

In economic news, the Bank of Japan maintained its monetary stimulus, as widely expected.

The policy board of the BoJ decided to purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent.

The board retained the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank.

The BoJ will conduct purchases of Japanese government bonds in a flexible manner so that the outstanding amount will increase at an annual pace of about JPY 80 trillion.

The yen declined to a new 3-week low of 113.33 against the greenback, from a high of 113.03 hit at 7:45 pm ET. If the yen falls further, it may challenge support around the 115.00 level.

The yen slipped to a weekly low of 128.55 against the euro, after rising to 128.23 at 7:10 pm ET. The yen is seen finding support around the 130.00 region.

The yen fell to a 9-day low of 74.32 against the kiwi, near 2-week low of 80.41 against the aussie and a weekly low of 86.40 against the loonie, off its early highs of 74.03, 80.09 and 86.15, respectively. The yen is likely to find support around 77.0 against the kiwi, 81.5 against the aussie and 87.5 against the loonie.

Reversing from its early highs of 112.44 against the franc and 143.62 against the pound, the yen reversed direction and dropped to 112.74 and 144.06, respectively. Next key support for the yen is seen around 114.00 against the franc and 146.00 against the pound.

Looking ahead, German retail sales for September, Swiss economic sentiment index for October, Eurozone jobless rate for September and advanced consumer inflation data for October are due in the European session.

At 8:15 am ET, ADP private payrolls data for October is set for release.

In the New York session, Canada GDP data for August and industrial product price index for September, as well as Chicago PMI for October are scheduled for release.