The US dollar has recovered from session lows of 117.75 yen, while the euro fell slightly from around $1.255 to $1.245.
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Previously, the dollar powered to a seven-year peak just shy of 119 yen on Thursday after Federal Reserve minutes suggested the United States is still likely to raise interest rates next year, in stark contrast to Japan's ultra-loose policy outlook.
The euro slipped after purchasing managers' surveys from the euro zone showed business growth was weaker than forecasters expected this month, underpinning expectations that monetary conditions will be eased further in the 18-nation bloc.
The dollar romped as far as 118.98 yen, its highest since August 2007. The greenback last traded at 118.63 yen, 0.6 percent higher on the day and up around 9 percent since the Bank of Japan sprang a surprise expansion of its stimulus programme on the market just three weeks ago.