Yen Gains from 5-Year Low before Fed Starts Meeting; Euro Climbs

The yen strengthened from a five-year low as investors assess U.S. economic data to gauge when the Federal Reserve will start to taper monetary stimulus.

The yen climbed 0.3 percent to 102.94 per dollar and advanced 0.2 percent to 141.59 per euro. It reached 103.92 per dollar and 142.83 per euro on Dec. 13, the weakest levels since October 2008. The dollar was little changed at $1.3755 per euro following a fifth weekly decline.

U.S. Economy

Reports from the Fed show that U.S. industrial production rose 0.6 percent last month from October when it fell 0.1 percent. A gauge of manufacturing in the New York region advanced to a three-month high, a separate survey signals.

Even so, traders saw a more than 80 percent chance that the U.S. central bank will keep the federal-funds rate at zero to 0.25 percent throughout next year.