WASHINGTON: The dollar slid to 13-year lows against the yen in Asian trade Wednesday after the US Federal Reserve slashed interest rates to near zero as it struggles to curb an accelerating economic downturn. The Fed lowered its target federal funds rate from 1.0 percent to a range of zero to 0.25 percent after a raft of bad data, including a historic plunge in housing starts.
The Federal Open Market Committee in a statement said it expected to keep the federal funds rate “exceptionally low” for some time because of markedly declining inflationary pressures.
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