Investing.com - The U.S. dollar slid lower against the yen on Friday, despite the release of tepid Japanese economic reports, as markets were digesting the Federal Reserve's latest policy statement.
USD/JPY hit 117.39 during late Asian trade, the session low; the pair subsequently consolidated at 117.86, declining 0.38%.
The pair was likely to find support at 117.23, the low of January 12 and resistance at 118.66, the high of January 27.
A preliminary report earlier showed that Japanese industrial production rose 1.0% in December, confounding expectations for an increase of 1.3%, after a 0.5% fall the previous month.
A separate report showed that household spending in Japan rose 0.4% last month, below expectations for a 0.3% gain, after a 0.4% uptick in November.
Data also showed that Tokyo's consumer price inflation advanced 2.3% this month, exceeding expectations for a 2.2% rise and after a 2.1% rise in December.
Tokyo's core consumer price inflation, which excludes fresh food, rose 2.2% in January, in line with expectations, after a 2.3% increase in December.
The dollar had strengthened broadly on Thursday after the Federal Reserve indicated that interest rates could start to rise around mid-year.
Following its policy meeting on Wednesday, the Fed said it would keep rates on hold at least until June and reiterated its pledge to be patient on raising interest rates, while acknowledging the solid economic recovery and strong growth in the labor market.
The yen was also higher against the euro, with EUR/JPY retreating 0.35% to 133.43.
Later in the day, the U.S. was to release preliminary data on fourth quarter growth as well as reports on business activity in the Chicago region and revised data on consumer sentiment.