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The yen slipped to a new 7 year low against the dollar on Monday, extending a huge sell off triggered by the Bank of Japan's surprise decision last week to boost its already massive bond buying stimulus.

Sellers also targeted the euro, which slipped to a new 2 year low against the dollar ahead of a European Central Bank meeting later this week which some think could see further easing measures announced to shore up the Eurozone’s flailing economy.

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The Federal Reserve on Wednesday ended its monthly bond purchase program and dropped a characterization of US labor market slack as "significant" in a show of confidence in the economy's prospects.

In a statement after a two-day meeting, the central bank largely dismissed recent financial market volatility, dimming growth in Europe and a weak inflation outlook as unlikely to undercut progress toward its unemployment and inflation goals.

"On balance, a range of labor market indicators suggests that underutilization of labor resources is gradually diminishing," the Fed's policy panel said in an important departure from prior statements, which had described the slack as "significant."

"The committee continues to see sufficient underlying strength in the broader economy," it said.

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Asian shares climbed to one-month highs on Wednesday, steered by a robust Wall Street on optimism over corporate earnings and prospects. The US Federal Reserve will reaffirm its willingness to wait for an extended period before raising interest rates.

The Fed is widely expected to announce on Wednesday it will end its two-year-old bond-buying stimulus, as the US economy continues to gather momentum.

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Home-price growth slowed in August, pulling back the annual pace among 20 major US cities to the slowest rate in almost two years, according to data released Tuesday.

Sellers don’t love it when prices slow down, but the trend could lure buyers. Annual price appreciation in the residential market has been tapering since November, as more sellers have placed their homes on the market. In addition, higher mortgage rates and a rough winter hit sales earlier this year.

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The Swedish krona tumbled to its weakest level in four years against the dollar as the central bank’s decision to cut its main interest rate to zero damped demand for the Nordic currency.

“People were anticipating a fairly decisive action, but weren’t necessarily considering that they were going to go all the way to slash and burn and get us down to zero,” said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “That’s obviously the slight surprise.”

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Shares of Amazon (AMZN, Tech30) fell more than 8% Friday as the market has decided it wouldn't touch the stock with a thirty-nine and a half foot pole.

And it's been that way all year.

The stock is now down 28% in 2014, making it the worst performer in the Tech 30 index. (Mobile chip company ARM Holding (ARMH, Tech30) had been the biggest loser before Friday.)

The huge loss in the third quarter is troubling enough. It's a sign that not all of Amazon's big investments are paying off. The Fire Phone, which Amazon hyped to death because it was a 3-D smartphone, has been an unmitigated flop.

But it's even more alarming that Amazon's fourth quarter sales projections are worse than expected.

Amazon, like all retailers, live and die by holiday shopping. If Amazon has a lousy fourth quarter, it's hard to make a compelling case for why the stock could go much higher anytime soon.

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Asian Markets are Mixed

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Asian markets were mixed following strong gains on Wall Street, with Tokyo enjoying a significant bump due to the US dollar's rise against the yen.

In Tokyo, stocks climbed as the US dollar - trading at its strongest levels in two weeks - rose into the Y108 range, with risk sentiment lifted by encouraging Chinese manufacturing data and solid readings for Eurozone business activity on Thursday.

A weak yen is positive for Japanese exporters as it makes them more competitive abroad and inflates profits when repatriated.

"The weaker yen should naturally benefit Japan stocks, and help to highlight the fact that shares are looking cheap from many perspectives," said Mutsumi Kagawa, senior global strategist at Tokai Tokyo Research Center.

Despite Tokyo's rise, investors will be keeping a close eye on the situation in New York where officials on Friday confirmed the city's first known case of the Ebola virus.

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The dollar was lower against the yen in Asia trade Friday, with news of a new Ebola patient in New York prompting investors to switch to the perceived safety of the Japanese currency.

The situation cleared to some extent, as a fresh round of global data including Eurozone PMI reduced fears about the global economic slowdown, causing US Treasury yields to rise.

However, news of the Ebola patient fed risk aversion, prompting buying of the yen, considered a safe harbor in uncertain times.

A doctor who returned to New York City recently after treating Ebola patients in West Africa tested positive for the virus Thursday. New York Mayor Bill de Blasio said authorities had been preparing for an Ebola case for weeks and followed new protocols “very precisely.”

In addition, investors were reluctant to make major moves ahead of big events such as the outcome of European stress tests scheduled for Sunday, as well as the policy meetings of the Federal Open Market Committee and the Bank of Japan next week.

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