The Japanese yen slipped against its most major counterparts in the European session on Wednesday, as European shares rose ahead of U.S. inflation data that could offer clues on the Federal Reserve's policy outlook.

On a monthly basis, U.S inflation is expected to ease to 0.5 percent in July from 0.9 percent in the previous month.

A strong reading could influence the Fed's timeline to taper monetary stimulus, though the next Fed meeting is not scheduled until September.

The US Senate passed $1.2 trillion infrastructure plan on Tuesday, which proposes spending on roads, bridges, public transport and broadband internet.

The Senate also passed a $3.5 trillion budget resolution that includes major investments in health, education, tackling climate change and expanding social welfare programs.

The yen declined to multi-week lows of 110.80 against the greenback and 88.42 against the loonie, off its early highs of 110.46 and 88.21, respectively. The yen is seen finding support around 112.00 against the greenback and 90.00 against the loonie.

The yen weakened 5-day lows of 129.81 against the euro and 77.59 against the kiwi, after rising to 129.50 and 77.36, respectively in early deals. The currency may challenge support around 132.00 against the euro and 80.00 against the kiwi, if it weakens further.

The yen edged down to 153.14 against the pound, before steadying in later deals. On the downside, 155.00 is likely seen as its next support level.

The yen held steady against the franc, after having dropped to 120.00 in the previous session. At yesterday's close, the pair was worth 119.81.

In contrast, the yen ticked up to 81.11 against the aussie, from a prior low of 81.30. If the yen rises further, it may find resistance around the 77.5 level.

Looking ahead, U.S. CPI and monthly budget statement for July are scheduled for release in the New York session.

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