The Japanese yen declined further against major currencies during New York morning trading on Thursday. The yen dropped to new multi-month lows against the Swiss franc, British pound and the U.S. dollar.

The yen declined against the European currency following the announcement of the European Central Bank's interest rate decision in New York morning deals today. Currently, the yen is trading near new multi-day low of 134.20 versus the euro, compared to yesterday's New York session close of 130.56.

In its meeting held in Frankfurt, Germany, the Governing Council reduced the bank's key interest rate, which is the interest rate on the main refinancing operations, by a quarter percentage point. The reduction took the benchmark rate to an all-time low of 1.25%. Economists had expected the ECB to lower the rate by a half point.

Extending previous session's downtrend, the yen ticked down further against the Swiss franc. The yen is presently trading at new multi- month low of 87.85 versus the franc.

The yen also showed weakness against the US dollar and the British pound in New York morning session today. At around 6:30 am ET, the yen slipped to new multi-month lows of 99.92 against the greenback and 146.96 versus the pound. Thereafter, the yen reversed its direction slightly and as of now worth 146.61 against the pound and 99.39 versus the greenback.

According to a report released by the US Commerce Department today, factory orders rose 1.8 percent in February following a revised 3.5 percent decrease in January. Economists had been expecting orders to rise by 1.5 percent compared to the 1.9 percent decrease originally reported for the previous month.

The US Labor Department released its report on initial jobless claims in the week ended March 28. The report showed that initial jobless claims rose to 669,000 from the previous week's revised figure of 657,000.

Additionally, the report showed that continuing claims in the week ended March 21 rose to another record high of 5.728 million from the preceding week's revised level of 5.567 million.

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