TOKYO: The yen faced selling pressure in Asia Friday as speculation of more Bank of Japan monetary easing weighed on the unit, while upbeat US data supported the dollar.
The greenback was trading around five-year highs in Tokyo, buying 104.77 yen against 104.82 yen in New York Thursday. The US unit briefly topped the 105 yen level earlier Friday, after US weekly jobless claims fell more than expected -- offering more evidence of a firming US economy.
"Players adjusted their dollar-long position after the dollar topped 105 yen," said Yosuke Hosokawa, a dealer at Sumitomo Mitsui Trust Bank.
"But yen-selling pressure appears strong. It would be no surprise to see the dollar rise to 110 yen in the January-March quarter," Hosokawa told Dow Jones Newswires.
The euro jumped past five-year highs to 143.88 yen from 143.51 yen in US trade while it fetched $1.3733 against $1.3692.
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