Japanese yen kept rising against U.S. dollar and major currencies with the end of Wednesday`s session in a corrective trend which is expected to last during the upcoming period amid expectations that Bank of Japan may fail to raise inflation rates.

The yen declined slightly against the dollar with the beginning of the session and after the recent Japanese data that posted a widened deficit in merchandise trade balance. Investors began to avoid heavy moves and evaluate the nation`s economy.

The USD/JPY pair traded near 88.50 after hitting its lowest yesterday at 88.05, while the EUR/JPY pair is trading near 117.72 after recording low of 117.04.

On a different end, the International Monetary Fund declared new estimates for global growth in 2013 amid recent crisis over Europe`s debts, where the IMF estimates 3.5% for the year after 3.6%.

In spite of IMF estimates for global growth, European currencies were not influenced as markets are expecting the worst; the euro kept trading in narrow ranges against the U.S. dollar near 1.3300, while the Australian dollar declined against its U.S. counterpart to reach 1.5819.