The Japanese yen continued to be weak against the other major currencies in the Asian session on Thursday amid risk appetite, with the positive cues from Wall Street on upbeat corporate earnings results and expectations of more stimulus by global central banks lifting investor sentiment.

Expectations that the Bank of Japan will expand its monetary easing at its policy meeting next week also boosted investor sentiment.

Investors are also awaiting the outcome of the European Central Bank's first monetary policy meeting following Britain's vote to leave the European Union, later today. The ECB is expected to leave policy unchanged, but may offer signals that additional stimulus is coming if the economy weakens in response to Brexit.

Crude oil for September delivery are currently up $0.15 to $45.90 a barrel. The crude oil price rose as official data showed that U.S. inventories continued to fall.

Commercial crude oil stockpiles in the U.S. fell by 2.3 million barrels in the week to July 15, the Energy Information Administration reported. The rebound in oil prices was capped by speculation that global supplies will rise in the second half of the year.

Wednesday, the yen fell 0.13 percent against the euro, 0.29 percent against the pound, 0.45 percent against the U.S. dollar and 0.23 percent against the franc.

In the Asian trading, the yen fell to near 1-month lows of 118.39 against the euro, 108.94 against the Swiss franc and 107.49 against the U.S. dollar, from yesterday's closing quotes of 117.71, 108.21 and 106.86, respectively. If the yen extends its downtrend, it is likely to find support around 124.00 against the euro, 113.00 against the franc and 111.00 against the greenback.

Against the pound and the Canadian dollar, the yen dropped to 6-day lows of 142.39 and 82.28 from yesterday's closing quotes of 141.07 and 81.83, respectively. On the downside, 141.07 against the pound and 81.83 against the loonie are seen as the next support levels for the yen.

The yen slipped to a 2-day low of 80.40 against the Australian dollar, from yesterday's closing value of 79.85. The yen may test support near the 83.00 region.

Looking ahead, U.K. retail sales data and public sector finance data, both for June, are slated for release at 4:30 am ET.

The European Central Bank will announce its interest rate decision at 7:45 am ET. Economists expect the bank to retain its key refi rate at 0.00 percent.

Following the announcement, President Mario Draghi will hold the customary post-meeting press conference.

In the New York session, Canada wholesale sales data for May, U.S. weekly jobless claims for the week ended July 16, U.S. FHFA house price index for May, U.S. existing home sales data for June, leading indicator for June and Philadelphia Fed manufacturing index for July are set to be published.

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