The dollar drifted lower against the yen and the euro in Asian trade Wednesday, extending the weak tone overnight caused by Federal Reserve Chairwoman Janet Yellen’s cautious stance on interest rate increases.The dollar USDJPY, -0.34% was changing hands at ¥112.30 after briefly touching ¥112.39 earlier in session. That compared with ¥112.72 late Tuesday in New York.
Speaking before the Economic Club of New York, Fed chief Yellen said global economic and financial uncertainty justified a slower path of interest-rate increases, remarks that suggested little appetite to raise rates next month. The greenback fell to a low of ¥112.61 in New York after the remarks, from around ¥113.40.
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