The Japanese yen weakened against the other major currencies in the Asian session on Tuesday amid risk appetite nurtured by the overnight gains on Wall Street and optimism concerning Chinese growth, as the nation took steps to bolster its struggling real estate market.

China on Monday relaxed rules on downpayment requirements and housing tax for home buyers, as policymakers try to revive momentum in the slowing property market that poses risks to overall economic growth.

Monday, the yen showed mixed trading against its major rivals. While the yen fell against the Swiss franc and the U.S. dollar, it held steady against the euro and the pound.

In the Asian trading today, the yen fell to nearly a 2-week low of 120.35 against the U.S. dollar and a 4-day low of 130.25 against the euro, from yesterday's closing quotes of 120.05 and 130.03, respectively. If the yen extends its downtrend, it is likely to find support around 121.80 against the greenback and 134.12 against the euro.

The yen, which ended yesterday's deals at 177.81 against the pound and 124.08 against the Swiss franc, depreciated to 178.06 and 124.35, respectively. The yen may test support near 181.30 against the pound and 127.00 against the franc.

Against the Australia, the New Zealand and the Canadian dollars, the yen slipped to 92.06, 90.25 and 94.82 from yesterday's closing quotes of 91.88, 89.98 and 94.69, respectively. On the downside, 93.50 against the aussie, 91.90 against the kiwi and 96.20 against the loonie are seen as the next support level for the yen.

Looking ahead, the German retail sales data for February is due at 2:00 am ET.

In the European session, German unemployment rate for February, final U.K. fourth-quarter GDP data , U.K. index of services for January, Eurozone unemployment rate for February and CPI for March are slated for release.

In the New York session, Canada GDP for January, U.S. S&P Case Shiller home price index for January, Chicago PMI for March and U.S. consumer confidence index for March are set to be published.

At 7:55 am ET, U.S. Federal Reserve Bank of Richmond President Jeffrey Lacker is expected to speak on Economic outlook in Richmond.

Danièle Nouy, Chair of the ECB Supervisory Board, will deliver a speech before the European Parliament's Committee on Economic and Monetary Affairs on Brussels at 9:00 am ET. At the same time, U.S. Federal Reserve Bank of Cleveland President Loretta Mester moderates a policy session at a conference in Stone Mountain, Georgia.

At 3:00 pm ET, U.S. Federal Reserve Bank of Kansas City President Esther George is expected to speak on the U.S. economy in New York.

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