The dollar rose to a five-year high against the yen on Thursday on expectations the Federal Reserve will continue to withdraw its stimulus next year while the Bank of Japan may ease further.
The greenback rose as high as 104.84 yen, according to Reuters data, surpassing last week's high of 104.63 yen. It last stood at 104.69 yen, up 0.3 percent on the day.
Option-related offers at 105 yen are seen as a major hurdle for the dollar to advance further and some traders suspect this resistance level may not be broken until next month, when more market participants return from holidays.
Most financial centers in Europe and the Americas were closed for Christmas on Wednesday, with many shut on Thursday as well.