The Japanese yen slipped against its major counterparts in the Asian session on Wednesday, as a slowdown in new coronavirus cases in China helped recede the fears over the outbreak.

China's National Health Commission said that new infections fell to 1,749 on Tuesday, the lowest since January 29.

The death toll in mainland China totaled 2,004, with most of the deaths reported in Hubei.

Chinese President Xi Jinping spoke with British Prime Minister Boris Johnson through phone, saying that Beijing's attempts to fight the virus is showing "visible progress."

Traders also awaited cues from the Federal Reserve's January meeting minutes due out later in the day.

Data from the Cabinet Office showed that Japan core machine orders fell 12.5 percent on month in December - coming in at 824.8 billion yen.

That missed forecasts for a decline of 8.9 percent following the 18.0 percent surge in November.

The yen declined to 118.95 against the euro, 111.98 against the franc and 143.16 against the pound, from its early highs of 118.55, 111.72 and 142.74, respectively. The yen may locate support around 122.00 against the euro, 114.00 against the franc and 147.00 against the pound.

The yen hit a 1-week low of 110.11 against the greenback, after rising to 109.84 earlier in the session. The next possible support for the yen is seen around the 112.00 level.

The Japanese currency fell to a 2-day low of 83.11 against the loonie, from a high of 82.83 set at 5:15 pm ET. If the yen slides further, 85.00 is likely seen as its next support level.

Retreating from its early highs of 70.14 against the kiwi and 73.43 against the aussie, the yen weakened to 70.47 and a session's low of 73.78, respectively. The yen is seen finding support around 73.00 against the kiwi and 75.00 against the aussie.

Looking ahead, U.K. CPI and PPI for January and house price index for December are set for release in the European session.

At 8:30 am ET, Canada CPI for January will be published.

At the same time, U.S. housing starts, building permits and producer price index, all for January, are due out.

The Federal Reserve will release minutes from its January 28-29 meeting at 2:00 pm ET.

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