Dollar falls from seven-year high against yen

The dollar surrendered the gains against the yen during the Asian session Thursday, after gaining more than 170 basis points in less than 32 hours and surpassing multiple seven-year highs.

The greenback USDJPY, -0.22%  traded at ¥118.02, after rising as high as ¥118.97, as it continued to revisit the highs from the summer of 2007, when investors scrambled to the perceived safety of the yen as U.S. credit markets seized up.

 The pound GBPUSD, -0.09%   fell to a 14-month low against the dollar after the U.K. retail sales price deflator fell by 1.5% from a year ago in October, pressured by the falling price of oil, an indication that inflation remains weak.

The U.S. Dollar Index DXY, -0.10%  , a measure of the greenback’s strength against a basket of six currencies, was flat at 87.6200.