"It's the global backdrop of rising bond yields, 10-year Treasuries most importantly," said Mazen Issa, senior FX strategist, at TD Securities in New York.
The spread between 10-year U.S. Treasury yields and their Japanese counterpart is close to the widest in nearly two months, drawing bets that play on the divergence between rising Western government bond yields and low Japanese equivalents.
"The BOJ has provided a reminder that while everybody else has put in a bit of a hawkish pivot, if you will, the BOJ is very much not in that camp yet," Issa said.
The greenback was up 0.02 percent to 114.05 yen, after hitting 114.29 yen, its highest since May 11, earlier in the session.
"At the current level we would not be chasing the move higher here, especially not before earnings," said Alvise Marino, FX strategist at Credit Suisse in New York.
"Dollar-yen, of course, remains very sensitive on the risk front."