* Month-end yen buying from Japanese exporters seen
* Pro-risk trades unwound on concerns about Dubai debt
TOKYO, Nov 27 (Reuters) - The yen hit its highest level in 14 years on the dollar on Friday and also jumped against the Australian dollar and higher-yielding currencies, with investors unwinding risk trades as stocks fell on concerns about debt problems in Dubai.
The yen climbed following declines in European share markets on Thursday, when U.S. markets were on holiday, and shares in Asia also fell, adding to the nervous climate.
Dealers said yen demand for commercial needs from Japanese exporters at the month-end was also fuelling the gains.
The dollar fell as far as 84.82 yen JPY= before rebounding back above 85.00. Comments from Japanese Finance Minister Hirohisa Fujii that currency moves were now extreme and that it was possible to take appropriate measures helped lift it, but the impact was shortlived. [ID:nTKF106772]
“The market was driven by stop losses in yen crosses in thin trade,” said Kazuyuki Kato, treasury department manager at Mizuho Trust & Banking.
“The market bias is for risk-avoiding trade,” he said.
Dubai struggled to ease fears of debt default on Thursday after its move to delay repayments at two flagship firms shook confidence in the Middle East as a centre for investment and a source of capital. [ID:nGEE5AO2FN]
The euro was down 0.3 percent at $1.4970 EUR=. (Editing by Hugh Lawson) ((firstname.lastname@example.org; Reuters Messaging: email@example.com; +81-3-6441-1983)) ((If you have a query or comment on this story, send an email to firstname.lastname@example.org))
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