LONDON – The dollar accelerated its downswing to briefly slip below ¥111 for the first time in about 15 months in London trading Thursday morning.
The greenback fell to as low as ¥110.99 at one point, according to market sources.
At 9 a.m., the dollar stood at ¥111.50-60, still down steeply from ¥114.35-45 at 4 p.m. Wednesday.
Dollar selling versus the yen has been increasing as U.S. Federal Reserve Chair Janet Yellen suggested in her congressional testimony on Wednesday that the Fed may withhold an additional interest rate hike at its next monetary policy meeting on March 15-16.
The U.S. central bank raised interest rates in December for the first time in more than nine years.
Market players flocked to the yen also for risk aversion amid growing economic uncertainties, traders said.
The Japanese currency surged against the euro as well. The single European currency stood at ¥126.20-30 at 9 a.m., down from ¥128.10-20 late Wednesday, after temporarily slipping below ¥126 for the first time in two years and eight months.