(fxcue news) - The Japanese yen weakened against other major currencies in the Asian session on Friday, as the Bank of Japan (BoJ) is anticipated to keep interest rates steady next week as a way to evaluate the risks of escalating U.S. trade tensions. The safe-haven JPY continues to decline due to a slight improvement in the global risk sentiment amid signs the U.S. may avert a looming government shutdown after Senate Democratic leader Chuck Schumer announced he's ready to start the process of considering a Republican-led government funding bill that has fiercely divided Democrats. That said, volatility cannot be ruled out in the wake of lingering trade tensions and skepticism about the potential for a 30-day ceasefire between Russia and Ukraine. As trade tension mount, there are now increased expectations of the Federal Reserve easing monetary policy. Traders remain concerned about global economic growth amid the ongoing trade war. Some traders also looked to pick up stocks at a bargain after the recent slump in the markets. Additionally, the growing global uncertainty may have an impact on the timing of rate hikes, which would put further pressure on the JPY. In the Asian trading today, the yen fell to 2-day lows of 148.65 against the U.S. dollar and 192.41 against the pound, from yesterday's closing quotes of 147.93 and 191.68, respectively. The yen may test support near 157.00 against the greenback and 198.00 against the pound. Against the euro and the Swiss franc, the yen edged down to 161.20 and 168.19 from Thursday's closing quotes of 160.58 and 167.60, respectively. The next possible downside target for the yen is seen around 165.00 against the euro and 174.00 against the franc. Against Australia, the New Zealand and the Canadian dollars, the yen slid to 93.58, 84.93 and 103.02 from yesterday's closing quotes of 92.99, 84.35 and 102.54, respectively. If the yen extends its downtrend, it is likely to find support around 99.00 against the aussie, 89.00 against the kiwi and 109.00 against the loonie. Looking ahead, the Bank of England publishes inflation expectations survey data is due to be released at 4:30 am ET in the European session. In the New York session, U.S. Michigan consumer sentiment for March and U.S. Baker Hughes oil rig count data are slated for release.