The Japanese yen slumped to around 144 per dollar on Wednesday amid lingering uncertainty over the Bank of Japan's interest rate path. Japan's newly appointed economy minister said the central bank should be cautious about raising interest rates again because it will take time to fully emerge from deflation.

New Prime Minister Shigeru Ishiba has not immediately endorsed further rate hikes without meeting certain conditions first. Ishiba pledged on Tuesday to support households amid rising prices and a sluggish economy. Meanwhile, investors will assess consumer confidence data for September later in the session for further insights on the economy. The yen also weakened even as escalating conflicts in the Middle East prompted investors to seek safe-haven assets.(ayu)

Source: Trading Economics