Dollar dives to 128 yen on speculation U.S. rate hike cycle ending

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 indica...