The dollar, the euro and Japanese yen all fell to record lows on Wednesday as traders worried about a collapse in the global economy.
The yen, which had risen more than 8% to a seven-year high, was down more than 4% to 102.43.
The European Central Bank raised its benchmark interest rate for the first time in two years and is also considering cutting rates, according to Bloomberg.
The dollar is also down more broadly against a basket of currencies.
Forex markets have been largely unchanged in the wake of the Fed’s decision, although some investors are pushing for a rally, according the Reuters data.
The U.S. dollar index has risen more in the past 24 hours, as traders continue to buy gold amid fears that the U.K. will leave the European Union.
The dollar rose more than 7% to 78.94 Japanese yen at 4:30 p.m.
(1930 GMT), its biggest one-day gain since June, as investors continued to buy into the U,S.
and euro markets.
The yen rose 1.6% to 110.53 Japanese yen as investors backed away from stocks and futures.
The euro edged up 1.5% to $1.1375 from $1 and the Japanese yen gained 0.9% to 108.65 yen.
The greenback is trading at about $1,215 a metric ton.
The Japanese yen was trading at more than $1 million a ton in August.
In a sign that the dollar is not yet fully recovered from the shock of last month’s U.N. sanctions, the U .
S. benchmark S&P 500 index of publicly traded companies fell 3.1% after falling more than 2% earlier in the day.
The S&P 500 is down about 18% this year, but has outperformed the S&M Index, which tracks the broader American stock market.
The Shanghai Composite Index fell 2.2% in a decline that was helped by a strong rally in oil prices, but the Sino-Japanese Stock Exchange index of Chinese companies rose 2.7%.
“The markets are moving in the wrong direction, and that’s reflected in the stock market,” said Richard Tran, head of currency markets at HSBC Holdings Plc.
In addition to selling off stocks, the dollar has lost momentum since the Fed began to hike rates in late 2016.
It has fallen more than 50% against the greenback since June.