The Japanese yen appreciated against its major counterparts during the early European session on Wednesday amid safe-haven status, as inflationary worries intensified after a surge in treasury yields and as debt worries about Evergrande continued.

Surging yields triggered a sell-off in tech stocks on Wall Street and Asia.

Worries about China Evergrande's debt crisis mounted as it faces $47.5 million bond interest payment on its 9.5 percent March 2024 dollar bond, after missing payments last week.

The developer is planning to sell a 9.99 billion yuan stake in Shengjing Bank to settle its financial liabilities with the bank.

On the political front, Fumio Kishida won the ruling Liberal Democratic party's presidential election to replace PM Yoshihide Suga.

Kishida defeated Taro Kono by 257 votes to 170 in a runoff vote held today.

The yen climbed to a 2-day high of 119.67 against the franc and a 6-day high of 150.28 against the pound, after falling to 120.16 and 151.20, respectively in early trades. The yen is likely to face resistance around 116.5 against the franc and 147.00 against the pound, if it gains again.

Reversing from an early 1-1/2-year low of 111.68 against the greenback and a 3-week low of 130.47 against the euro, the yen rose to 111.21 and 129.73, respectively. The yen is seen finding resistance around 109.00 against the greenback and 127.5 against the euro.

The Japanese currency touched a 6-day high of 77.27 against the kiwi, up from a low of 77.65 hit at 6:30 pm ET. Next key resistance for the yen is likely seen around the 74.00 level.

The yen reached as high as 87.64 against the loonie, off an Asian session's low of 88.09. On the upside, resistance is likely seen near the 86.00 level.

The yen held firm against the aussie, with the pair trading at 80.65. The yen may find resistance around the 78.00 level.

Looking ahead, Eurozone economic confidence index for September is due in the European session.

Canada industrial product price index and U.S. pending home sales for August will be featured in the New York session.

European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey, Bank of Japan Governor Haruhiko Kuroda and Federal Reserve Chair Jerome Powell will participate in a virtual panel discussion titled "Policy panel" at the ECB Forum on Central Banking at 11:45 am ET.

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