The Japanese yen continued to be weak against the other major currencies in the Asian session on Friday, as investor sentiment boosted by news that the Organization of Petroleum Exporting Countries or OPEC reached a deal overnight to cut oil production for the first time in eight years.

Investors also cheered data that showed China's manufacturing sector continued to expand at faster rate in November. The National Bureau of Statistics said that China's manufacturing PMI score was 51.7 in November. That beat forecasts for 51.0 and was up from 51.2 in October.

Meanwhile, the crude oil prices surged following news of OPEC's agreement to cut production. The crude oil prices for January delivery is currently up by 0.33 percent or $49.72 per barrel.

In economic news, the latest survey from Nikkei revealed that the manufacturing sector in Japan continued to expand in November, though at a slightly slower pace, with a PMI score of 51.3. That's down marginally from 51.4 in October.

The Ministry of Finance said that capital spending in Japan was down 1.3 percent on quarter in the third quarter of 2016. That missed expectations for a fall of 0.4 percent following the 3.1 percent gain in the three months prior.

Wednesday, the yen fell 1.11 percent against the euro, 1.33 percent against the pound, 1.05 percent against the U.S. Dollar, and 0.94 percent against the franc.

In the Asian trading, the yen fell to near 6-month lows of 121.55 against the euro and 143.70 against the pound, from yesterday's closing quotes of 121.15 and 143.08, respectively. The yen may test support near 124.00 against the euro, and 160.00 against the pound.

Against the U.S., the New Zealand, and the Canadian dollars, the yen dropped to nearly a 10-month low of 114.82, nearly a 1-year low of 81.26 and a 6-month low of 85.48 from yesterday's closing quotes of 114.42, 81.03 and 85.15, respectively. If the yen extends its downtrend, it is likely to find support around 118.00 against the greenback, 83.00 against the kiwi and 88.00 against the loonie.

Against the Swiss franc and the Australian dollar, the yen slipped to near 8-month lows of 112.85 and 84.82 from yesterday's closing quotes of 112.42 and 84.49, respectively. The yen is likely to find support around 115.00 against the franc and 87.00 against the aussie.

Looking ahead, U.K. Nationwide house price index for November is due to be released in the pre-European session at 2:00 am ET.

The manufacturing PMI reports from major European economies for November and Swiss retail sales data for October are slated for release later in the day.

In the New York session, U.S. jobless claims for the week ended November 26, Markit's U.S. manufacturing PMI for November and U.S. construction spending for October and Canada RBC manufacturing PMI for November are set to be published.

At 8:30 am ET, Federal Reserve Bank of Cleveland President Loretta Mester and Treasury Department Office of Financial Research Director Richard Berner will give welcome remarks before the "Innovation, Market Structure, and Financial Stability" conference hosted by the Treasury Department Office of Financial Research and the Federal Reserve Bank of Cleveland, in Washington.

At 9:00 am ET, Federal Reserve Bank of Dallas President Robert Kaplan will participates in a moderated Q&A before the St. Mary's University forum on entrepreneurship breakfast series, in San Antonio.

Later in the day. Bank of Japan board member Makoto Sakurai is expected to speak at Shiga prefecture, in Tokyo.

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