The euro weakened against the yen before a report economists say will show a contraction in industrial output, stoking concern the region’s growth is stalling.

The common currency dropped  after International Monetary Fund Managing Director Christine Lagarde urged policy makers to be vigilant over global economic stability.

Lagarde, speaking in Beijing yesterday, said oil prices, debt levels, and the risk of slowing growth in emerging markets threaten global economic stability.

“Optimism should not give us a sense of comfort or lull us into a false sense of security,” she said. “We cannot go back to business as usual.”

Data later this week is forecast to show euro-area services and manufacturing output shrank for a second month in March.

EUR/USD: during european session the pair consolidated in $1,3140-$ 1,3180 area.

GBP/USD: the most part of european session the pair was limited $1,5820-$ 1,5860. Later the rate grown in $1.5880 area.

USD/JPY: the pair decreased. In the last some hours the pair was consolidated in Y83.00-Y83.20 area.