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Currencies

Dollar falls to 3-month low vs. yen as Powell says Fed to go slow

Dovish comments spark rally in Japanese currency

The dollar hit a three-month low against the yen, reaching the 135-yen zone on Dec. 1 in Tokyo, falling by over 2 yen after the Fed signaled a slower pace of interest rate hikes.   © AP

TOKYO (Reuters) -- The dollar tumbled to a three-month low against the yen on Thursday as traders focused on comments by Federal Reserve Chair Jerome Powell that interest rate hikes could be scaled back "as soon as December."

Powell said on Wednesday that "slowing down at this point is a good way to balance the risks" but added that controlling inflation "will require holding policy at a restrictive level for some time."

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