Investing.com - The U.S. dollar edged lower against the yen on Wednesday, as comments by Japan Economics Minister Akira Amari helped the yen, although sustained global growth concerns continued to lend broad support to the greenback.
USD/JPY hit 107.50 during European early afternoon trade, the pair's high since Monday; the pair subsequently consolidated at 107.20, adding 0.14%.
The pair was likely to find support at 106.65, Tuesday's low and a one-month low and resistance at 107.66, the high of October 13.
The yen found support after Japanese Economics Minister Akira Amari said in parliament on Wednesday that the government is not pursuing a policy to intentionally weaken the nation's currency and that it is necessary to monitor any negative impact from rising import prices.
Meanwhile, market sentiment remained under pressure amid growing concerns over the outlook for growth in the euro zone after data on Tuesday showed that the bloc's industrial production declined more than expected in August, while July's figure was revised down.
A separate report showed that German economic sentiment deteriorated to the lowest level since December 2012 in October, fuelling further concerns over the euro zone's largest economy.
The yen was little changed against the euro, with EUR/JPY inching up 0.04% to 135.56.
Later in the day, the U.S. was to release data on retail sales, as well as reports on producer prices and manufacturing activity in the New York region.