The Japanese yen slipped against its major counterparts in the Asian session on Friday, as Asian shares advanced after a top Fed official hinted about the need to add stimulus in the wake of low inflation and not wait for economic disaster to unfold.

"It's better to take preventative measures than to wait for disaster to unfold," New York Federal Reserve President John Williams told the annual meeting of the Central Bank Research Association on Thursday.

His comments heightened expectations for a rate cut by the Federal Reserve later this month.

Data from the Ministry of Internal Affairs and Communications showed that Japan consumer prices rose 0.7 percent on year in June - unchanged and in line with expectations.

Core consumer prices, which excludes food prices, rose an annual 0.6 percent - again matching forecasts and down from 0.8 percent in the previous month.

The yen slipped to 107.68 against the greenback, from a high of 107.22 hit at 6:15 pm ET. The next possible support for the yen is seen around the 109.00 level.

After rising to 120.84 against the euro at 6:30 pm ET, the yen reversed direction and edged down to 121.23. The yen is seen finding support around the 123.00 region.

The yen dropped to a 3-day low of 134.99 against the pound from Thursday's closing value of 134.60. On the downside, 136.5 is possibly seen as the next support level for the yen.

The yen that closed yesterday's trading at 109.30 against the franc depreciated to a 2-day low of 109.50. If the yen extends decline, 111.00 is possibly seen as its next support level.

The yen fell to a 3-day low of 76.11 against the aussie and a 2-1/2-month low of 73.01 against the kiwi and held steady thereafter. Next key support levels for the yen are seen around 77.5 against the aussie and 76.00 against the kiwi.

Reversing from an early high of 82.31 against the loonie, the yen reached as low as 82.61. The yen is likely to find support around the 84.00 region.

Looking ahead, Eurozone current account data for May and U.K. public sector finance data for June are due in the European session.

Canada retail sales for May and University of Michigan's preliminary consumer sentiment index for July are scheduled for release in the New York session.

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