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Dollar rises above 118.98 yen to hit new seven-year high

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[December 01, 2014]  TOKYO (Reuters) - The dollar rose to a new seven-year high against the yen on Monday amid growing concerns over deflationary pressure in Japan in the face of sliding oil prices.

The drop in oil prices has worked to further highlight the divergence in U.S. and Japanese monetary policies, with the Bank of Japan's aim of vanquishing deflation expected to take longer than initially expected.

The dollar was up 0.3 percent at 118.93 yen <JPY=> after hitting 119.02 on the EBS trading platform, the highest since August 2007.

(Reporting by Tokyo markets team; Editing by Michael Perry)

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