The Japanese yen extended its early decline against its major counterparts in the early European session on Thursday amid risk appetite, as investors awaited a key vote for extension of Brexit in the House of Commons, which would delay the departure date beyond the March 29 deadline.

With the MPs rejecting a 'no-deal Brexit' on Wednesday, members will vote again today regarding whether to ask the EU to delay Brexit by up to three months.

If all member countries approve, the EU can grant such a request at a March 21-22 summit in Brussels.

Investors are pricing more stimulus measures from Beijing following a slowdown in China industrial output at the start of 2019.

China's industrial output grew an annual 5.3 percent in the first two months of 2019, a government report showed.

This marked the slowest pace of growth in 17 years and fell short of expectations for a score of 5.5 percent.

At the same time, retail sales climbed 8.2 percent and fixed asset investment rose 6.1 percent in the same period, beating expectations.

Oil prices surged following a data showing a decline in U.S. crude stockpiles, adding to signs of tightening oil market.

Data from Energy Information Administration showed that crude inventories fell by 3.9 million barrels, contradicting forecasts for 2.66 million barrel rise.

Investors focused on the Bank of Japan's 2-day monetary policy meeting that began today. The central bank is widely expected to keep its benchmark rate at minus 0.1 percent and the 10-year yield target around zero percent under a policy dubbed yield curve control.

The currency has been trading lower against its major counterparts in the Asian session.

The yen declined to an 8-day low of 111.31 against the Swiss franc, from Wednesday's closing value of 110.70. The next key support for the yen is seen around the 113.00 level.

Data from the State Secretariat for Economic Affairs showed that the Swiss government's experts cut the growth forecast for this year further, citing weaker demand for the country's exports due to the slowdown in the global economy and trade.

The GDP growth forecast for this year was trimmed to 1.1 percent from 1.5 percent predicted in December.

The Japanese currency that ended yesterday's trading at 111.15 against the greenback dropped to a weekly low of 111.71. The yen is poised to find support around the 113.00 level.

The yen dropped to 9-day lows of 83.94 against the loonie and 126.57 against the euro from yesterday's closing values of 83.55 and 125.89, respectively. If the yen falls further, 85.00 and 129.00 are likely seen as its next support levels against the loonie and the euro, respectively.

The yen slipped to a 2-day low of 76.47 against the kiwi and an 8-day low of 78.98 against the aussie in the Asian session and held steady thereafter. The yen ended Wednesday's trading at 76.20 against the kiwi and 78.85 against the aussie. On the downside, 78.00 and 80.00 are possibly seen as the next support levels for the yen against the kiwi and the aussie, respectively.

The yen weakened to 148.87 against the pound, its weakest since November 2018. Next key support for the yen is likely seen around the 150.00 area.

Looking ahead, Canada new housing price index for January, U.S. import price index for February, weekly jobless claims for the week ended March 9 and new home sales for January are scheduled for release in the New York session.

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