The Japanese yen extended its early slide against its major rivals in the European session on Friday amid risk appetite, as European shares rallied tracking record close from the Wall Street and oil prices advanced ahead of a summit of major crude producers in Vienna this weekend.

The European Central Bank on Thursday signaled that it would extend stock purchases through December 2017, although it scaled back the purchase amount to EUR 60 billion a month, starting in April. The decision pulled down the euro and euro area bond yields, while lifting stocks.

Oil prices climbed, with investors awaiting a meeting of OPEC and non-OPEC countries taking place in Vienna on December 10, in order to finalize output cuts agreed last week.

Investors look ahead to next week's Federal Reserve meeting amid expectations the U.S. central bank will raise rates by a quarter percentage point to a target range of 0.5 percent to 0.75 percent.

Data from the Bank of Japan showed that Japan M2 money stock rose 4.0 percent on year in November, coming in at 951.8 trillion yen.

That exceeded forecasts for 3.7 percent, which would have been unchanged from the October reading.

The currency has been trading in a negative territory in the Asian session.

The yen weakened to more than a 10-month low of 115.16 against the greenback and a 3-day low of 145.10 against the pound, from yesterday's closing values of 114.03 and 143.49, respectively. Continuation of the yen's downtrend may see it challenging support around 118.00 versus the greenback and 148.5 against the pound.

The yen dropped to 121.69 against the euro and 113.05 against the Swiss franc, compared to Thursday's closing quotes of 121.02 and 112.19, respectively. The next possible support for the yen may be found around 126.00 against the euro and 116.00 against the franc.

The yen declined to a 1-year low of 82.52 against the kiwi, 7-1/2-month lows of 86.09 against the aussie and 87.36 against the loonie, down from Thursday's closing values of 81.79, 85.09 and 86.44, respectively. If the yen extends slide, it may possibly find support around 84.00 against the kiwi, 88.00 against the aussie and 89.00 against the loonie.

Looking ahead, U.S. wholesale inventories data for October, U.S. University of Michigan's preliminary consumer sentiment index for December and U.S. Baker Hughes rig count data are set to be published in the New York session.

At 10:15 am ET, European Central Bank Executive Board Member Benoit Coeure is expected to participate in a panel discussion on "Policy Responses: Restoring Public Trust in Economic Reforms" at a conference on "Challenges to More Sustainable and Inclusive Growth in Europe", hosted by the Council of Europe Development Bank in Paris.

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