The US dollar rose briefly above 100 yen in Asian trading on Friday, the first time it had done so since early November 2008.
The news boosted shares in Japanese exporters, with the likes of Sony and Toyota Motor closing higher.
The dollar later fell to 99.50 yen amid nervousness ahead of the US jobless figures due later on Friday.
In the first three months of 2009, the dollar had its best quarterly performance against the yen since 2001.
"The yen selling was not sustainable before the US jobs data release," said a dealer at a Japanese brokerage.
"Opinion may be tilted towards the yen weakening in the longer term, but the market would first like to see this major event through."
The yen has been falling in value as a result of weak Japanese economic data and speculation that Japanese investors are planning to move funds overseas in the new financial year.
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