be shortlived given low expectations of another rise in Japanese interest rates any time soon. The dollar edged down to 121.49 yen in Tokyo afternoon trade from 121.56 in New York late Thursday.
The euro was unchanged at 1.3124 and slightly weaker at 159.41 yen from 159.55.
In overseas trade Thursday, the euro hit an all-time high of 159.61 yen despite the Bank of Japan's decision on Wednesday to raise its benchmark lending rate to 0.5 percent, the first rise since last July.
"Following the BoJ decision, the pace of the yen's decline was quite fast. So some of the players are now trying to cash in for profit-taking," said Hidenori Kato, head of foreign exchange sales at Societe Generale.
"But this does not mean yen-selling pressure is disappearing," Kato said, adding that there was still a large gap between interest rates in Japan compared with the United States and the eurozone.
"Once profit-taking has eased, players are likely to try to test how low the yen can fall," Kato said.
On Friday, Bank of Japan governor Toshihiko Fukui reiterated that the central bank aimed to raise interest rates gradually although it would maintain its ultra-low interest rates for the time being.
"For now, we will maintain this easy monetary environment with extremely low interest rates, while adjusting interest rate levels gradually in line with changes in the economy and the price environment," Fukui said in parliament.
The dollar meanwhile remained near one-week highs against the euro after strong U.S. consumer prices data and hawkish Federal Reserve minutes reinforced expectations that U.S. interest rates will not be cut anytime soon.
The Fed has kept its benchmark rate unchanged at 5.25 percent since August after previously raising it 17 times in a row.
The dollar fell to 48.21 Philippine pesos in late Asian trade from 48.27 on Thursday, to 33.70 Thai baht from 33.95 and to 938.6 South Korean won from 939.3. It declined to 1.5336 Singapore dollars from 1.5340 and to 32.98 Taiwan dollars from 32.99, but rose to 9,086 Indonesian rupiah from 9,075.
