The Japanese yen slipped to around 144 per dollar on Wednesday amid lingering uncertainty on the path for Bank of Japan interest rate hikes. Japan's newly appointed Economy Minister said that the central bank should be careful about raising rates again as it takes time to completely exit deflation.

He added that incoming Prime Minister Shigeru Ishiba is not necessarily in favor of hiking rates further without some conditions being met 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 more insights on the economy. The yen also weakened even as an escalating conflict in the Middle East prompted investors to rush for safe-haven assets.

Source: Trading Economics