The dollar, in what is fast becoming a commonplace occurrence, hit record lows yesterday against the Japanese yen and West German mark, and analysts said the U.S. currency's slide appeared likely to continue.

After declining in foreign exchange markets in Tokyo, Europe and New York, the dollar closed at 134.43 yen and 1.6617 marks. It had closed at 135.37 yen and 1.6725 marks on Friday.

{The dollar dipped to another record low in Tokyo this morning, dropping at one point to 133.80 before recovering slightly to 133.90 on nervous buying and intervention purchases by the Bank of Japan, Reuters reported.}

Over the last three months, the dollar has dropped more than 11.5 percent compared with the yen and more than 12.5 percent against the mark.

In a speech in New York, Federal Reserve Governor Edward J. Kelley Jr. challenged estimates by a number of economists that the dollar must continue to fall if the large U.S. trade deficit is to be reduced, but his remarks provided little support to the currency.

Kelley -- the newest member of the Fed's Board of Governors, having taken office earlier this year -- agreed with senior Reagan administration officials that policymakers should try to keep the economy out of a recession. But he also defended the central bank's decision to raise interest rates early in September and said it must also keep inflation from accelerating.

Some administration officials recently have criticized the September rate increases even though they defended them at the time.

Meanwhile, after two days of meetings in Basel, Switzerland, the central bank leaders from the United States, Japan, West Germany and eight other industrial nations issued a mildly worded call for government action to correct trade imbalances and stabilize the U.S. dollar. However, they announced no specific policy initiatives, and their statement, too, had little positive impact on the dollar, traders said. {Story, Page F2.}

James Vick, a vice president and senior corporate trader at Manufacturers Hanover Trust Co., said the dollar continued under "general broad selling pressure."

Following his speech, Kelley told reporters that the dollar "is in a good range at this time. ... Our real volume of exports is accelerating at very rapid rates, and our imports, leaving out oil, are flat."

Kelley said the central bank has been "responding in an appropriate way" to the U.S. banking system's need for more cash in the wake of the stock market plunge last month. The drop in short-term interest rates of as much as 1 1/2 percentage points since mid-October has allowed the economy a "further opportunity to keep its balance," he said.

In his speech, Kelley expressed optimism that the U.S. economy would emerge from the disruptions associated with the huge market decline "stronger than ever for two basic reasons. The first is that our financial system has demonstrated that it can stand up under an extreme amount of pressure. ... Secondly, and more fundamentally perhaps, the United States business community was already coming back strong before events in the stock market that began several weeks ago, and I see no reason why that momentum should be broken. Slowed for a while, perhaps, but not broken."

Kelley stressed that he and his Fed colleagues are still concerned about rising prices. "The Fed is going to try to walk the fine line" between supplying enough money to the economy to keep the 5-year-old expansion going and supplying little enough to keep inflation from accelerating, he said.

The dollar also lost ground against the British pound yesterday. In New York trading, the pound rose to $1.7915 from $1.7845 on Friday. Earlier, in London, the pound rose to $1.7940 from $1.7825 on Friday. The dollar rose slightly to $1.3198 Canadian from $1.3196 Friday. Republic National Bank in New York closed cash gold at $462.50 an ounce, up from $461.25 Friday.