The dollar tumbled more than one percent against the yen in Asian trade Thursday after Federal Reserve boss Jerome Powell indicated the bank would begin slowing its pace of interest rate hikes as soon as this month.
The dollar fell to as low as 136.29 yen at one point, its lowest since August, having hit a three-decade high as recently as October. The drop comes as the greenback falls against a host of other currencies, having surged for much of the year owing to the Fed’s sharp campaign of monetary tightening aimed at fighting inflation.
