TOKYO , Dec. 20 -- ( Kyodo ) _ The U.S. dollar hit a five-year-and-two-month high Friday in Tokyo in the mid-104 yen zone on rises in U.S. Treasury yields following the U.S. Federal Reserve's decision to scale back its quantitative easing. At 5 p.m. , the dollar fetched 104.42-43 yen compared with 104.19-29 yen in New York and 103.96-97 yen in Tokyo at 5 p.m. Thursday after briefly rising to 104.60 yen , its highest level since October 2008 . Its lowest quote for the day was 104.22 yen , changing hands most frequently at 104.47 yen . The euro was quoted at $1.3627-3629 and 142.30-34 yen against $1.3656-3666 and 142.35-45 yen in New York and $1.3688-3689 and 142.30-34 yen in Tokyo late Thursday afternoon. The dollar remained firm during Tokyo trading on expectations for a wider gap between U.S. and Japanese interest rates after the 10-year U.S. Treasury yield rose above 2.9 percent. "Rises in the U.S. Treasury yields led to the dollar's rise," said Yuji Kameoka , chief foreign exchange strategist at Daiwa Securities Co. "Market participants are now keeping an eye on developments in stock markets and movements in interest rates," said Toru Moritani , chief market economist at Sumitomo Mitsui Banking Corp. The Bank of Japan on Friday decided to keep intact its aggressive monetary easing at its two-day meeting, compared with the U.S. Federal Reserve which decided to begin scaling down its monetary stimulus program.
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