The yen gained slightly in Asia on Wednesday after downbeat central bank minutes and data on corporate prices as investors sought safe-haven assets after Turkey shot down a Russian jet fighter overnight.
Japan is unlikely to hit sustained 2% inflation by the fiscal year 2017 as slowing growth in emerging economies and a planned sales tax hike weighs, Bank of Japan board members said in minutes released on Wednesday.
The October minutes highlighted policy options that may be taken to spur the economy further a factor that may be further in play as at least one board member said a weaker yen has had a smaller impact than expected.
The corporate services price index for October rose 0.5%, below the 0.6% gain seen year-on-year.
In Australia, third-quarter construction work done fell 3.6%, more than the 2.1% drop expected quarter-on-quarter.
The dollar trimmed losses against the other major currencies on Tuesday, despite the release of a weak U.S. consumer confidence report, as data showing that the U.S. economy grew more than initially estimated in the third quarter supported the greenback.
The U.S. Conference Board said its index of consumer confidence sank to a 12-month low of 90.4 this month from a reading of 99.1 in October, whose figure was revised from a previously reported 97.6. Analysts expected the index to rise to 99.5 in November.
The report came shortly after the U.S. Commerce Department said gross domestic product grew at an annual rate of 2.1% in the three months to September, in line with expectations.