The U.S. dollar slid to a seven-week low against the Japanese yen after Federal Reserve Chair Jerome Powell suggested the central bank could cut interest rates in the wake of the coronavirus.

The Japanese yen was on track for its largest daily gain since May 2017 as investors moved into the safe-haven currency.

t had strengthened to as high as 107.52 versus the dollar and was last trading up 1.51% at 107.92.

The dollar index was last down 0.324% to 98.127USD, down about 1% this week on rising expectations of a rate cut.

A cut of at least 25 basis points at the Fed’s March meeting was fully priced in on Friday, versus expectations of 57.6% on Thursday.