The Japanese yen declined against its major counterparts in the Asian session on Wednesday amid rising risk appetite, as most Asian shares rose following the positive cues overnight from Wall Street amid optimism over the upcoming U.S.-China trade talks.

U.S. and Chinese officials are scheduled to resume trade talks today, with investors expecting the discussion to ease some of trade tensions.

Investors look forward to the release of Fed minutes on Wednesday and a speech by Fed Chairman Jerome Powell at the Jackson Hole Symposium on Friday for rate hike outlook.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity decreased in June, in line with expectations.

The all industry activity index dropped 0.8 percent month-over-month in June, reversing a 0.1 percent increase in May.

The yen declined to 110.50 against the greenback and 127.91 against the euro, reversing from its early highs of 110.03 and 127.35, respectively. The yen is likely to challenge support around 112.00 against the greenback and 130.00 against the euro.

The yen dropped to a session's low of 142.68 against the pound, after having advanced to 142.00 at 8:15 pm ET. The next likely support for the yen is seen around the 144.00 level.

The yen fell to near a 3-week low of 112.24 against the franc, coming off from a high of 111.77 touched at 7:00 pm ET. The yen is likely to challenge support around the 114.00 level.

The yen weakened to near a 2-week low of 74.09 against the kiwi and a weekly low of 84.87 against the loonie, off its early highs of 73.70 and 84.37, respectively. If the yen falls further, 76.00 and 86.00 are likely seen as its next support levels against the kiwi and the loonie, respectively.

The yen reversed from an early high of 80.92 against the aussie, dropping to 80.92. On the downside, 83.00 is possibly seen as the next support level for the yen.

Looking ahead, Canada retail sales for June and U.S. existing home sales for July are due in the New York session.

At 2:00 pm ET, the Fed releases minutes from July 31-August 1 meeting.

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