December 13, 2013 / 4:06 AM / in 4 years

Dollar rises to five-year high against yen

TOKYO, Dec 13 (Reuters) - The dollar rose to its highest level against the yen in five years in Asia on Friday, on expectations the U.S. Federal Reserve could start scaling back its massive bond buying stimulus as early as next week.

The dollar was last up 0.4 percent at 103.79 yen after rising as high as 103.85 yen on the EBS trading platform, its highest level since October 2008.

The Fed will hold when its last policy meeting of 2013 on Tuesday and Wednesday. A reduction of its asset-buying would likely lift U.S. Treasury yields and add to the dollar’s appeal.

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