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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