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

The dollar tumbled to a three-month low against the yen on Thursday as traders focussed on comments by Federal Reserve Chair Jerome Powell that interest rate hikes could be scaled back “as soon as December”, Reuters reported.
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”.
The greenback was last down 1.32% at 136.295 yen JPY=EBS, after falling to 136.205, its level since Aug. 26.
The dollar-yen pair is extremely sensitive to changes in long-term U.S. Treasury yields US10YT=RR, which fell after Powell’s comments to a near two-month low overnight of 3.6%. They last stood at 3.6163% in Tokyo.