The yen firmed even as dismal data released early in the session heightened speculation that Japan will need to muster more stimulus to avert another recession. Factory output fell 6.2 percent last month from the previous month, the biggest tumble since 2011 when the devastating earthquake, tsunami and nuclear crisis disrupted Japan's supply chain.

Dollar bulls were on the defensive on Wednesday after Federal Reserve chair Janet Yellen's cautious tone left markets wondering if there will be even one hike to U.S. interest rates this year.In a speech to the Economic Club of New York, Yellen stressed the need to be cautious in raising rates and highlighted external risks including low oil prices and slower growth abroad.

EUR/USD: during the Asian session the pair traded in the range of $1.1285-00

GBP/USD: during the Asian session the pair traded in the range of $1.4365-00

USD/JPY: during the Asian session the pair fell to Y113.35

Based on Reuters materials