The Japanese yen slipped against its major counterparts in the Asian session on Wednesday, as risk sentiment improved following strong China inflation data and Beijing's pledge to roll out of a variety of measures to help stabilize the market.

Data from the National Bureau of Statistics showed that China consumer prices climbed 2.1 percent on year in April, exceeding expectations for an increase of 1.8 percent and up from 1.5 percent in March.

Producer prices spiked 8.0 percent on year, beating expectations for a gain of 7.7 percent, but slowing from the 8.3 percent increase a month earlier.

Investors focus on U.S. inflation report to help determine how fast the Federal Reserve plans to deliver interest rate hikes.

The US CPI is expected to ease to 8.1 percent from 8.5 percent in March.

The core CPI that excludes food and energy prices is expected to come in at 6 percent, down from March's reading of 6.5 percent.

The yen dropped to 130.49 against the greenback and 160.88 against the pound, from its early highs of 130.23 and 160.37, respectively. The next possible support for the yen is seen around 132.00 against the greenback and 162.00 against the pound.

The yen reversed from its previous highs of 137.19 against the euro and 130.81 against the franc, edging down to 137.49 and 131.13, respectively. The yen is seen finding support around 139.00 against the euro and 133.00 against the franc.

The yen weakened to 90.78 against the aussie and 82.31 against the kiwi, down from its prior highs of 90.32 and 81.88, respectively. The yen is poised to challenge support around 93.00 against the aussie and 85.00 against the kiwi.

The yen ticked down to 100.31 against the loonie, after rising to 99.97 at 8:30 pm ET. Immediate support for the yen is seen around the 102.00 level.

Looking ahead, U.S. inflation data and monthly budget statement for April are scheduled for release in the New York session.

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