The Japanese currency weakened against the euro on Wednesday to a level last since September 1992, as data failed to offer more insight on the future of the Bank of Japan's monetary policy.
Central bankers in Japan are poised to meet at the end of July to reassess its policy stance after keeping interest rates steady last month. Officials have signaled that a potential rate hike could be on the table during the July meeting should data approve such a move. However, the reading of Japan's gross domestic product (GDP) showed a contraction during the first quarter, hinting at subdued economic growth. The services sector in Japan also slowed in June, further fueling concerns about the country's economic stability.
The euro rose 0.17% against the Japanese yen, trading at 173.7715 at 7:22 am CET.
