NEW YORK, Nov 12 (Reuters) - The U.S. dollar fell to a fresh two-week low below 96 against the yen on Wednesday as stocks on Wall Street sank to session lows on comments from Treasury Secretary Paulson.

The dollar fell as low as 95.33 yen, the lowest since Oct. 28. It last traded down 2.2 percent at 95.57 yen JPY=.

Paulson said the purchase of mortgage asset is not the most effective way to use funds under the Troubled Asset Relief Program.

“Treasury has dropped the idea of buying troubled mortgage assets and is focusing on supporting consumer credit,” said Brian Dolan, chief currency strategist, at Forex.com in Bedminster in New Jersey.

“The initial shock of abandoning TARP is hitting stocks, but the support for consumer-level lending may be a silver lining as it goes to the root of what’s ailing the economy, namely personal consumption,” he added. (Editing by Theodore d’Afflisio)