The Japanese yen declined against its major counterparts in the Asian session on Tuesday, after the Bank of Japan Governor Haruhiko Kuroda remarked that the central bank is willing to ease further, if the Japanese currency's strength curb economic growth.

Speaking to Parliament, Kuroda suggested the possibility of further policy easing, if needed, in order to withstand the pressure from a sharp yen rise.

"Currency moves could have an impact on the economy and prices, so it's crucial we take into account these factors when guiding monetary policy," Kuroda told.

Should currency moves have "an impact on the economy and prices, and if consider it necessary to achieve our price target, we'll consider easing policy," he added.

Asian shares were mostly higher as investors pin hopes for progress in U.S.-China trade talks and bet on policy stimulus from central banks.

The negotiations will resume in Washington later in the day, as the world's two largest economies race to reach a deal by the March 1 deadline.

The yen declined to a 5-day low of 110.70 against the greenback, reversing from a high of 110.45 hit at 8:30 pm ET. The yen is seen finding support around the 112.00 level.

The yen reversed from its early highs of 124.77 against the euro and 109.88 against the franc, retreating to 125.04 and 110.09, respectively. On the downside, 128.00 and 112.00 are possibly seen as the next support levels for the yen against the euro and the franc, respectively.

The yen eased slightly to 83.50 against the loonie, 78.75 against the aussie and 75.65 against the kiwi, from its early 4-day highs of 83.29, 78.52 and 75.41, respectively. The yen is likely to challenge support around 84.5 against the loonie, 79.5 versus the aussie and 77.00 against the kiwi.

The yen pulled back slightly to 142.79 against the pound, off an early high of 142.48. If the yen falls further, 146.00 is likely seen as its next support level.

Looking ahead, Eurozone current account and construction output for December, U.K. ILO jobless rate for the three months ended December and German ZEW economic sentiment index for February are set for release in the European session.

At 10:00 am ET, U.S. NAHB housing market index for February is scheduled for release.

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