The Japanese yen slipped against its major opponents in the Asian session on Wednesday, as investors monitored the conflict in Ukraine, with a U.S. ban on Russian oil imports lifting oil prices.

Asian stock markets are mostly higher, despite negative cues from Wall Street overnight, as investors took a breather from a sell-off fueled by escalating tensions in Ukraine.

President Joe Biden announced that he has banned imports of oil and other energy imports from Russia into the U.S. over the invasion of Ukraine.

The UK joined the move by deciding to phase out imports of Russian oil by the end of the year.

Oil stocks are higher as the announcement of the ban on Russian oil imports raised worries about supply crisis.

In economic news, data from the Cabinet Office showed that Japan's gross domestic product expanded an annualized 4.6 percent on year in the fourth quarter of 2021 - well shy of forecasts for a gain of 5.6 percent following the downwardly revised 2.8 percent contraction in the previous three months.

On a seasonally adjusted quarterly basis, GDP was up just 1.1 percent - again missing expectations for 1.4 percent after shrinking 0.7 percent in the three months prior.

The yen dropped to a 2-day low of 152.03 against the pound and near a 4-week low of 115.92 against the greenback, off its early highs of 151.41 and 115.61, respectively. The currency is likely to face support around 156.00 against the pound and 118.00 against the greenback.

The yen fell to 124.83 against the franc and 126.56 against the euro, after rising to 124.38 and 125.96, respectively in early deals. Next immediate support for the yen is seen around 129.00 against the franc and 129.00 against the euro.

Reversing from an early high of 89.72 against the loonie, the yen edged down to 90.06. On the downside, 92.00 is possibly seen as its next support level.

The yen retreated to 84.55 against the aussie and 79.03 against the kiwi, from its early highs of 84.04 and 78.64, respectively. The yen is seen facing support around 88.00 against the aussie and 82.00 against the kiwi.

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