The Japanese yen firmed against its major counterparts in the Asian session on Wednesday amid safe-haven status, as tech shares slipped following a jump in treasury yields as investors worried about an aggressive tightening of monetary policy to combat inflation.

The benchmark yield on the 10-year treasury note touched a 2-year high of 1.88 percent.

Investors are preparing for four Fed rate hikes this year, starting from March.

There is growing speculation that the Fed will deliver more than a 25 basis-point rate hike in March.

The yen touched a 5-day high of 124.70 against the franc and a fresh 2-week high of 155.40 against the pound, up from its prior lows of 125.11 and 156.08, respectively. The currency is likely to locate resistance around 122.00 against the franc and 154.00 against the pound.

Reversing from its previous lows of 114.79 against the greenback, 129.99 against the euro and 82.54 against the aussie, the yen moved up to a 2-day high of 114.21, more than 3-week high of 129.39 and a 4-week high of 82.08, respectively. The yen is seen finding resistance around 112.00 against the greenback, 126.00 against the euro and 80.00 against the aussie.

The yen rebounded to 91.28 against the loonie and 77.51 against the kiwi, following its early lows of 91.84 and 77.81, respectively. If the yen rises again, it may test resistance around 90.00 against the loonie and 76.00 against the kiwi.

Looking ahead, Eurozone current account and construction output for November are due in the European session.

Canada CPI for December and wholesale sales for November and U.S. building permits and housing starts for December are set for release in the New York session.

Bank of England Governor Andrew Bailey will testify along with Deputy Governor Jon Cunliffe on the Financial Stability Report before the Treasury Select Committee in London at 9:15 am ET.

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