Economics
Dollar Rises to Five-Year High Versus Yen on Taper Speculation
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The dollar rose to the highest level against the yen in five years as signs of faster U.S. economic growth added to speculation the Federal Reserve may trim its $85 billion of monthly asset purchases at a meeting next week.
The U.S. currency advanced Dec. 12 after retail sales increased the most since June and a Fed official said the odds of tapering bond purchases have risen along with gains in the labor market. South Korea’s won had the best five-day gain in eight weeks as exporters accelerated repatriation of overseas income. The Australian dollar slumped as the central bank talked down the currency. Fed policy makers meet Dec. 17-18.