Policymakers at the US central bank agreed earlier this month that the pace of interest-rate hikes should be slowed down in the near future.

That stance is revealed in the Federal Reserve's minutes from its November policy meeting.

The officials noted that the effects of their tight policy are clearly seen in the most interest-rate sensitive sectors of the economy. Those include housing investment and some components of business investment.

Several participants said that the ultimate level of their benchmark rate would be somewhat higher than they previously thought, as inflation shows little signs of retreating.

The rise in the US consumer price index in October was below 8 percent for the first time in eight months. But the level is still far higher than the Fed's target.

The dollar fell against the Japanese yen to the lower 139 level at one point following the minutes' release.

Market sources say investors believe that data on US business sentiment released earlier on Wednesday is a factor behind expectations for a slower rate-hike pace. Those numbers came in worse than expected.