Dollar hits 5-year high of Japan yen 105 level in Tokyo

The US dollar rose to the upper 105 yen range on Friday in Tokyo for the first time in five years and two months. At 4:40 p.m. (0740 GMT), the greenback fetched JPY 103.93-96 compared with JPY 104.65-68 in New York and JPY 104.76-78 in Tokyo at 5 p.m. Thursday. The dollar climbed to JPY 105.05 at one point in the morning, its highest level since October 6, 2008. Reflecting the weaker yen, buy orders overwhelmed Tokyo stocks, with a key index renewing the highest closing level in six years and extending its winning streak to an eighth trading day. The Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) gained 4.5 points, or 0.03 percent, from Thursday to 16,178.94, the highest finish since November sixth, 2007. The broader Tokyo Stock Price Index, which includes all First Section issues on the TSE, also advanced 10.73 points, or 0.84 percent, to 1,290.07, with 31 of 33 subindexes ending in positive territory. The Nikkei index was up more than 50 percent so far this year, as the Japanese economy has shown signs of recovery with the effects of Prime Minister Shinzo Abe's ambitious economic policies called "Abenomics," which focus on easing monetary policy, massive government spending and growth strategy.