(Bloomberg) — The dollar rose to its strongest level in seven years against the yen, boosted by signs of strength in the U.S. economy as the Federal Reserve considers when to raised interest rates for the first time since 2006.

Japan's currency fell versus most of its 31 major peers after Bank of Japan Governor Haruhiko Kuroda said he saw no limit to the steps to defeat deflation. The Bloomberg Dollar Spot Index headed for its highest close since April 2009 as a private report showed employers added more jobs than forecast last month and Republicans took control of the Senate in midterm elections. Russia's ruble slumped to a record.

"Progress in the labor market has been evident for some months now and it just continues to build," Richard Franulovich, the chief currency strategist for the northern hemisphere at Westpac Banking Corp. in New York, said by phone. "It reinforces the dollar-positive backdrop."

The dollar jumped 1 percent to 114.68 yen as of 1:31 p.m. New York time, after rising to 114.84, the strongest level since November 2007. The U.S. currency appreciated 0.5 percent to $1.2489 per euro, while the yen slumped 0.5 percent to 143.25 per euro.

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