TOKYO : The dollar tumbled to a three-month low versus the yen on Thursday as traders keyed on comments by Federal Reserve Chair Jerome Powell that interest rate hikes could be scaled back"as soon as December."
The greenback was 0.48 per cent lower at 137.39 yen in the Asian morning, after earlier dipping to 137.27 for the first time since Aug. 26, with yields on 10-year Treasury notes standing at 3.62 per cent in Tokyo. "The reaction supports the markets' apparent 'glass half full' approach to the economic outlook at the moment."
In November, the dollar dropped 7.15 per cent versus the yen, its worst month in 14 years, as investors positioned for a Fed pivot.
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