The U.S. dollar hit a three-month low as it dipped into the ¥135 zone Thursday in Tokyo, falling by over ¥2 after U.S. Federal Reserve Chairman Jerome Powell signaled a slowing in the pace of interest rate hikes.
The dollar was sold against the yen after the central bank chief said in a speech Wednesday the Fed may start slowing the pace of rate increases as soon as December.
After trading in the lower ¥138 level in late Wednesday in New York, the U.S. currency plunged to its lowest level against the yen since August, driven by Powell's remarks.