The U.S. dollar weakened against the yen after the Federal Reserve released the minutes from its January meeting.
The dollar was last at 113.979 yen, recovering from a low of 113.37 yen struck early in the London session.
Meanwhile, the low-yielding euro extended slight gains against the dollar following the release of the minutes from the Fed's January meeting. It was last 0.19 percent lower at $1.1147.
The Mexican peso bounced further Wednesday after the Bank of Mexico raised its overnight interest rate to 3.75 percent, according to The Wall Street Journal.
The currency rose as much as 5 percent. The U.S. dollar was last down 3.29 percent against the peso.
The move came after reports that Mexico's central bank intervened directly in the forex market, as part of an aggressive new program. Two central bank sources said on the major policy shift was to support the peso, which plunged to fresh lows in recent weeks.
The peso is currently down about 6.5 percent against the dollar year-to-date.
"We are calling the banks to ask them for prices directly and selling them dollars to the financial institutions that give us a price," a central bank source told Reuters. "It is through phone calls to brokers that we are selling dollars to the market."