The Japanese yen was higher against its major counterparts in the Asian session on Friday, as recession fears intensified following a data showing a contraction in U.S. economic growth for a second straight quarter.

Overnight data showed that the U.S. economy unexpectedly contracted in the second quarter, triggering fears of recession.

U.S. treasury yields fell after the data, narrowing interest rate differentials against their Japanese counterpart.

At the Politburo meeting, China's top leaders failed to mention the full-year GDP growth target and instead said that the country will try hard to achieve the best possible results this year.

Data from the Ministry of Economy, Trade and Industry showed that Japan industrial output was up a seasonally adjusted 8.9 percent on month in June.

That beat forecasts for an increase of 3.7 percent following the 7.5 percent contraction in May.

The yen advanced to more than a 2-month high of 135.63 against the euro and a 1-1/2-month high of 132.50 against the greenback, after dropping to 137.33 and 134.67, respectively in early deals. If the yen strengthens further, it is likely to test resistance around 134.00 against the euro and 130.00 against the greenback.

The yen approached more than 2-week highs of 139.33 against the franc and 161.94 against the pound, up from its prior lows of 141.06 and 163.90, respectively. The yen is likely to find resistance around 132.00 against the franc and 160.00 against the pound.

The yen was up against the kiwi, at more than a 2-week high of 83.79. On the upside, 80.00 is possibly seen as its next resistance level.

The yen moved up to a fresh 2-week high of 93.00 against the aussie and more than a 3-week high of 103.55 against the loonie, rebounding from its early lows of 94.27 and 105.16, respectively. The yen may locate resistance around 90.5 against the aussie and 102.00 against the loonie.

Looking ahead, U.K. mortgage approvals for June, German jobless rate for July and Eurozone flash GDP data for the second quarter and flash inflation data for July are due in the European session.

Canada GDP data for May, U.S. personal income and spending data for June and University of Michigan's final consumer sentiment index for July are set for release in the New York session.

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