Tokyo - The yen recovered slightly in Asia on Tuesday after plunging to a near seven-year low against the dollar after the Bank of Japan last week ramped up its vast monetary easing plan.
In Tokyo midday trading, the greenback fetched 113.59 yen against 113.99 yen in New York late Monday.
The euro also weakened to 142.16 yen from 142.31 yen, while it strengthened to $1.2516 from $1.2484 in US trade.
With both the European Central Bank and the Bank of England both holding policy meetings this week, the euro had dropped to a two-year low of $1.2449 per on Monday.
The yen - hit by Friday's BoJ announcement to expand its huge stimulus to 80 trillion yen annually - on Monday sank past 114
against the dollar, a level last seen in 2007.
The dollar's drop Tuesday was partly due to investors booking profits after the unit's surge.
“It's not surprising to see profit-taking occurring after recent quick rallies,” said Takahiro Iizuka, a trader at Mizuho Trust and Banking.
Investors were now turning their focus to US factory orders due later Tuesday, with a good reading likely to power the dollar even higher, National Australia Bank said in a statement.
Thursday's ECB meeting and a US October jobs report on Friday were also on investors' radar screens.
(Dow Jones Newswires contributed to this story.) - Sapa-AFP