Dollar hits 3-month low in mid-136 yen on Fed chief's dovish remarks

The U.S. dollar tumbled to a three-month low in the mid-136 yen zone Thursday morning in Tokyo after U.S. Federal Reserve Chairman Jerome Powell signaled a slowing in the pace of interest rate hikes.

Tokyo stocks rose in the morning after U.S. stocks surged overnight as the remarks from the U.S. central bank chief helped ease concern about an economic slowdown stemming from aggressive interest rate hikes.

The 225-issue Nikkei Stock Average gained 312.05 points, or 1.12 percent, from Wednesday to 28,281.04. The broader Topix index was up 4.22 points, or 0.21 percent, at 1,989.79.

On the top-tier Prime Market, gainers were led by electric appliance, marine transportation, and chemical issues.

© Kyodo News