Apple - Incorrect apostrophe character in MS Word 2011 on Mac
After updating OS X to 10.9 and opening Word for the first time since the update I encountered the same problem. I spent half a day testing all the suggestions put forward here and in other forums responding to the same query (including checking autoformat preferences/searching for font duplicates/verifying fonts/testing in new mac user account/repairing permissions etc.) with no luck.
Finally, I deleted the Cambria font from the Font Book and reinstalled again. I reopened Word and tested and the problem seems to have disappeared.
I'm using OS X 10.9 and Word for Mac 2011, v14.3.8.
Normally you would not expect this kind of thing (font substitution) to happen unless your default font had no character for the Unicode curly apostrophe. Is it possible you have an old, non-Unicode (e.g. Postscript) version of your font installed that is being used by mistake?
PS I have found a reference to this same problem in the MS Forums from 2011. Perhaps it will help:
http://answers.microsoft.com/en-us/mac/forum/macoffice2011-macword/normal-template-is-using-asian-font-for/d79e850a-8df0-4540-bc93-cf3901b7cd99?msgId=54e54894-ebbb-4764-845d-35785d362b40