Dollar Reaches Five-Year High Against Yen; Turkish Lira Slumps

The dollar reached a five-year high against the yen on optimism U.S. economic growth will outperform Japan’s next year.

The yen declined for an eighth week against the greenback after the Bank of Japan retained its plan to add 60 trillion yen ($574 billion) to 70 trillion yen a year to the monetary base. The Bloomberg Dollar Spot Index fell from a three-month high reached after the Federal Reserve said this week it would cut monthly bond purchases by $10 billion as economic growth improves. Turkey’s lira weakened to a record as the government purged police leadership to fight against a corruption probe.