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The greenback fell versus the Japanese yen on Wednesday on renewed risk aversion due to growing worries about the ailing U.S. auto industry and deflation fears on the back of a record slide in U.S. consumer prices. The U.S. consumer price index fell by 1.0% in October (the largest decrease on record), adding not only to fears of a deeper recession but also concerns about deflation. The minutes from the Federal Reserve's last policy meeting showed policymakers saw deflation risks even after the central bank's recent half point rate cut. Federal Reserve policy makers predicted last month that the U.S. economy will contract through the middle of 2009, with some prepared to cut interest rates further in response.
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