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The dollar dropped to a session low against the yen on Wednesday after the Bank of Japan held steady as expected after the conclusion of its two-day policy meeting.
The dollar fell as low as 117.90 yen, and was last down 0.7 per cent on the day at 118.02. The greenback remained well below a seven-year peak of 121.86 scaled last month.
The BoJ maintained its massive monetary stimulus and expanded a loan programme aimed at encouraging banks to boost lending, signalling its resolve to achieve its ambitious 2 per cent inflation target.
Governor Haruhiko Kuroda will hold a news conference at 3:30 p.m. (0630 GMT) to explain the policy decision.
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