The Japanese yen slipped against its major opponents in the Asian session on Wednesday amid rising risk appetite, as demand for safe-haven assets waned on optimism about global economic growth after data showed that U.S. consumer confidence in October rose to its highest level in nearly 17 years and China's Caixin manufacturing Purchasing Managers' Index for October matched expectations.

The U.S. Federal Reserve announces its monetary policy decision later today. While no policy changes are expected, investors may get some clues in the policy statement as to whether the U.S. central bank is on track to raise rates in December.

The Bank of England will reveal its interest-rate decision on Thursday, with traders bracing for what could be the central bank's first rate increase in more than a decade.

Survey data from IHS Markit showed that Japan's manufacturing activity continued to expand strongly in October, underpinned by solid expansions in output, new orders and employment.

The Nikkei Manufacturing Purchasing Managers' Index, or PMI dropped marginally to 52.8 in October from 52.9 in September. However, any reading above 50 indicates expansion in the sector.

The currency fell on Tuesday, after the Bank of Japan left its monetary stimulus unchanged but lowered its inflation outlook.

The yen declined to a 5-day low of 113.96 against the greenback, compared to Tuesday's closing value of 113.62. If the yen weakens further, 115.00 is possibly seen as its next support level.

The yen that closed Tuesday's deals at 113.90 against the franc weakened to 114.07. Continuation of the yen's downtrend may see it challenging support around the 116.00 area.

The yen hovered around an early 1-week low of 151.29 against the pound, down from yesterday's closing value of 150.91. The next possible support for the yen is seen around the 153.00 level.

Data from the British Retail Consortium showed that UK shop price deflation remained at a four-year low in October.

The BRC-Nielsen shop price index dropped 0.1 percent, the same annual rate as seen in September. The 0.1 percent deflation was the shallowest deflation rate in the last four years.

The yen slipped to a 2-day low of 87.30 against the aussie and a weekly low of 78.71 against the kiwi, compared to yesterday's closing quotes of 86.99 and 77.77, respectively. On the downside, 90.00 and 81.00 are likely seen as the next support levels for the yen against the aussie and the kiwi, respectively.

The yen held steady against the loonie, after falling to a 2-day low of 88.10 in early Asian deals. The pair closed Tuesday's trading at 88.15.

On the flip side, the yen rebounded slightly against the euro with the pair trading at 132.47. This may be compared to a 5-day low of 132.60 hit at 9:00 pm ET. The euro-yen pair was valued at 132.34 when it closed deals on Tuesday.

Looking ahead, U.K. manufacturing PMI and Swiss SVME manufacturing PMI for October are due in the European session.

In the New York session, ADP private payrolls data and ISM manufacturing index for October and construction spending for September are set for release.

At 1:15 pm ET, SNB Governing Board Member Fritz Zurbrugg will deliver a speech titled "Loans, Debt, and Growth" at the University of Bern.

At 2:00 pm ET, the Fed announces its decision on monetary policy. The central bank is widely expected to leave interest rates unchanged at 1 percent to 1.25 percent range.

The Bank of Canada Governor Stephen Poloz will testify along with Senior Deputy Governor Carolyn Wilkins before the Standing Senate Committee on Banking, Trade and Commerce, in Ottawa at 4:15 pm ET.

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