The greenback fell as much as 1.5 percent to 111.32 yen, having soared more than 8 percent in the wake of Trump's victory to its highest levels in eight months against the safe-haven Japanese currency. However, it recovered about half of those losses, last down 0.73 percent at 112.25 yen.
Most analysts said the dip in the dollar since Friday was simply a corrective pullback with the greenback still on track for its strongest two-month gain since early 2015.
"It looks much more like a correction than anything else - a Monday morning clearing of the decks before the end of the month," said Societe Generale macro strategist Kit Juckes in London.
However, other analysts suggested that the dollar's dive against the yen was the result of the President-elect's tweets over the weekend. Trump alleged that "illegal" votes were responsible for his loss in the popular vote to Democratic challenger Hillary Clinton in response to a recount effort organized by Green Party presidential nominee Jill Stein.
"The blatant lie without any proof - and one that has been roundly challenged by all of the country's voting experts - was unprecedented in American politics and may have made some market traders doubt Mr. Trump's stability," BK Asset Management's Managing Director of FX Strategy Boris Schlossberg wrote in a note to clients.