The yen was stronger Wednesday after the release of the Bank of Japan minutes from the May meeting.
Meanwhile, Japan's stock market index hit multi-year highs boosted by optimism over Greek resolution.
USD/JPY was last at 123.97, 0.02% higher.
Side effects outweighed the advantages of the Bank of Japan's aggressive easing, one board member said in the minutes of the May released Wednesday.
At recent meetings, board member Takahide Kiuchi in particular called for a cut in outright annual government bond purchases to 45 trillion from 80 trillion yen now.
At the May meeting, the board decided by an 8 to 1 vote to stand pat on the bank's policy target while revising up its economic assessment slightly and warning about the downside risk from Europe's low growth and inflation.
A slowdown in China and whether inflation expectations overall would rise were a concern in the recent minutes.
Separately in Japan, there were issued May service producer prices, which rose 0.6% year-on-year, down slightly from an 0.7% gain in April.
Japan’s benchmark stock index rose to its highest in more than 18 years Wednesday, buoyed by optimism that Greece is moving closer to a bailout deal with creditors, while China shares appeared to gain some footing following a volatile streak.
The Nikkei Stock Average was last 0.5% higher to reach 20,922.38, the highest since December 1996.
Greece and its lenders still have different views on the issues surrounding a possible deal, but progress has been made in talks on an agreement that would prevent the country from defaulting and possibly leaving the eurozone.
“The global environment is OK,” said Hugh Young, who helps manage Asian equities at Aberdeen Asset Management Asia Ltd.
