India, May 7 -- The Japanese yen weakened against other major currencies in the Asian session on Wednesday amid increased risk-on by the investors, as traders react to China's central bank saying it would cut its key policy rate by 10 basis points and lower the reserve requirement ratio by 50 basis points to boost growth. There is also confirmation that U.S. and Chinese officials are set to start formal trade talks this week.
However, ongoing trade uncertainty continued to weigh on the markets.
The People's Bank of China cut the seven-day reverse repurchase rate to 1.4 percent from 1.5 percent and also trimmed the reserve requirement ratio by half a percentage point, hours after it emerged that senior U.S. and Chinese officials will hold ...