The U.S. dollar plunged to the lower 128 yen range early Thursday in Tokyo after remarks by Federal Reserve Chair Jerome Powell fueled speculation the interest rate hike cycle in the United States is nearing its end.
At 9 a.m., the dollar fetched 128.60-62 yen compared with 128.88-98 yen in New York and 130.17-18 yen in Tokyo at 5 p.m. Wednesday.
The euro was quoted at $1.1011-1015 and 141.60-67 yen against $1.0985-0995 and 141.64-74 yen in New York and $1.0880-0882 and 141.63-67 yen in Tokyo late Wednesday afternoon.
Tokyo stocks opened flat as the Fed's 0.25 percentage point rate hike indicated the U.S. central bank has finished with its aggressive monetary tightening moves but market gains were limited due to the yen's strength.
In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 5.07 points, or 0.02 percent, from Wednesday to 27,351.95. The broader Topix index was down 4.30 points, or 0.22 percent, at 1,967.93.
