The currency also rose against the British pound and the Australian dollar as television networks projected 338 electoral votes for Obama to 156 for Republican rival John McCain, who conceded defeat. The Democrats won four Senate seats from the Republicans. The euro declined versus the yen after European Central Bank member Juergen Stark signaled support for further interest-rate cuts to bolster the region's shrinking economy.
The 15-nation euro fell against the yen as Stark's comments, cited by the Financial Times Deutschland in an interview, bolstered expectations the ECB will lower its 3.75 percent benchmark rate at a meeting tomorrow.
The ECB will lower its main refinancing rate by a half- percentage point to 3.25 percent tomorrow, according to economists.
The yen's real effective exchange rate, a measure of the currency's value against those of Japan's trading partners after adjustments for price trends, rose 11.2 percent in October from the previous month, the biggest gain on record, Bank of Japan data showed today. The index was at 111.1, the highest since August 2005.
The pound also fell after a report showed Britain's construction industry contracted in October at the fastest pace in more than a decade. The Bank of England will cut its main interest rate by a half-percentage point to 4 percent tomorrow, according to the median forecast of economists.
EUR/USD having begun the tenders in the field of $1,2980, the pair has shown session low in area $1,2790.