The Japanese currency fell on Wednesday to its lowest level against the euro since September 1992. This decline came after the recent data failed to provide a clear vision on the future of the Bank of Japan's monetary policy.
Japan's central bankers are scheduled to meet at the end of July to reassess their position after the decision to keep interest rates steady last month. Officials noted that an interest rate hike may be under consideration at the July meeting if the data supports this step.
Japan's GDP reading also showed a contraction during the first quarter of the year, indicating weak economic growth. Japan's service sector also slowed in June, adding to concerns about the stability of the country's economy.
