The Japanese yen declined against its major counterparts in the Asian session on Friday, as investors cheered easing trade tensions between the U.S. and China following a media report that Washington is mulling lifting some or all tariffs imposed on Chinese imports to resolve the dispute.

The Wall Street Journal reported that U.S. officials are discussing the idea of raising tariffs on some or all of the $250 billion worth of Chinese goods to calm markets and provide Beijing an incentive to agree to deeper concessions in a trade spat between the economies.

Meanwhile, the Treasury Department said that the trade talks with China were "nowhere near completion."

The U.S. and Chinese trade officials have time until March 1 to reach a resolution, in order to prevent a sharp increase in US tariffs on $200 billion in Chinese goods.

The yen edged down to 74.07 against the kiwi, 78.80 against the aussie and 82.44 against the loonie, from its early highs of 73.68, 78.39 and 82.11, respectively. The yen is seen finding support around 76.00 against the kiwi, 80.00 against the aussie and 84.5 against the loonie.

The yen weakened to more than a 2-week low of 109.44 against the greenback, from a high of 109.06 hit at 6:25 pm ET. The next possible support for the yen is likely seen around the 111.00 region.

The yen dropped to 124.67 against the euro and 110.11 against the franc, off its previous highs of 124.23 and 109.71, respectively. The yen is likely to challenge support around 126.00 against the euro and 112.00 against the franc.

Reversing from an early high of 141.57 against the pound, the yen declined to 142.08. The yen is poised to find support around the 144.00 area.

Looking ahead, Eurozone current account for November and U.K. retail sales for December are due in the European session.

In the New York session, Canada consumer inflation for December, U.S. industrial production for the same month and University of Michigan's preliminary consumer sentiment for January are scheduled for release.

Federal Reserve Bank of New York President John Williams will deliver a speech about the economic outlook and monetary policy at the New Jersey Bankers Association's Economic Leadership Forum.

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