The euro rose to 1.4720 dollars in Tokyo morning trade from 1.
4702 dollars in New York late Wednesday, while dropping to 164.68 yen from 165.10 yen.
The dollar eased to 111.90 yen from 112.21 yen.
The greenback had shot up against the yen in overseas trade on news of a joint initiative by the central banks of the United States, the eurozone, Britain, Canada and Switzerland to jointly boosting liquidity.
But the rise was short-lived amid lingering concerns over a fallout from the US housing housing slump, dealers said.
"The dollar recovered somewhat as fears of a credit crunch subsided for now," said Hironori Sakurai, forex dealer at Hachijuni Bank.
"But it still lacks the momentum to surge ahead with market players waiting for fourth-quarter results from major US banks starting this week," he said.
Selling of the greenback by Japanese exporters also capped the currency's rise, he added.
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While the Federal Reserve's plan to cooperate with the other central banks to