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Dollar hovers near five-year high vs. yen a day after Fed

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The dollar traded near a five-year high against the yen on Thursday, a day after the Federal Reserve surprised some investors by announcing its long-awaited first cut in its bond-buying program.

The dollar had rallied broadly on Wednesday after the Fed said it would reduce its monthly asset purchases by $10 billion, bringing them down to $75 billion. A reduction in Fed stimulus will help lift U.S. bond yields and buoy the currency.

The dollar jumped to a five-year high against the yen of 104.36 yen, according to Reuters data, before retreating to 104.15, down 0.1 percent on the day.

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The dollar slipped against the yen after data showed the number of Americans filing new claims for unemployment benefits rose last week to the highest in nearly nine months, casting a shadow on the labor market.

The euro hit its lowest in almost two weeks at $1.3648 and last traded at $1.3669, down 0.1 percent.

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