Dollar rises to lower 103 yen zone in Tokyo early trading

Tokyo (Dec 9)   The U.S. dollar advanced to the lower 103 yen zone in early Tokyo trading Monday in a continuation of its rising momentum that commenced in New York following Friday's release of strong U.S. jobs data for November. At 9 a.m. , the dollar fetched 103.11-12 yen compared with 102.87-97 yen in New York and 102.13-15 yen in Tokyo at 5 p.m. Friday . The euro was quoted at $1.3705-3707 and 141.33-34 yen against $1.3701-3711 and 140.96-141.06 yen in New York and $1.3658-3660 and 139.49-53 yen in Tokyo late Friday afternoon. The November nonfarm payroll increase of 203,000 far exceeded market expectations, prompting players to sell the yen by stoking speculation that the Federal Reserve will cut the scale of its stimulatory bond-buying program speedily, currency traders said. Higher U.S. stock prices also provided a spur to the dollar-buying momentum by strengthening players' readiness to take risks, they said.