The Japanese yen slipped against its major rivals in the Asian session on Thursday, as most Asian stocks climbed, following the broadly positive cues overnight from Wall Street, led by a rally in tech stocks and strong earnings.

Investors awaited a key report on U.S. inflation for more indications about the pace of tightening of monetary policy by the Federal Reserve.

The CPI is expected to rise by 7.3 percent on an annual basis in January, marking the highest reading seen since 1982.

A strong reading could put pressure on the Fed to raise rates more aggressively and at a faster pace than projected.

Speaking on CNBC's "Squawk Box," Atlanta Federal Reserve President Raphael Bostic said that he expects inflation to ease soon and that a three or four rate hike hikes may be appropriate for this year.

The yen dropped to 132.15 against the euro, 156.60 against the pound and 125.18 against the franc, off its early highs of 131.87, 156.19 and 124.81, respectively. The yen is poised to challenge support around 134.00 against the euro, 160.00 against the pound and 128.00 against the franc.

The yen touched 115.71 versus the greenback, its lowest level since January 10. On the downside, support is seen near the 118.00 level.

The yen weakened to near a 4-week low of 83.07 against the aussie and near a 3-week low of 91.28 against the loonie, after gaining to 82.73 and 91.03, respectively in early trades. Immediate support for the yen may be found around 86.00 against the aussie and 93.00 against the loonie.

The yen dropped to 77.43 versus the kiwi, hitting a 3-week low. If the yen extends drop, 80.00 is possibly seen as its support level.

Looking ahead, U.S. weekly jobless claims for the week ended February 5, inflation data and monthly budget statement for January are scheduled for release in the New York session.

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