The dollar first rose to 115.61 yen, but then later fell to 115.34 yen from 115.33 yen on Wednesday.
Atlanta Fed President Guynn indicated the Fed might hike rates 50 basis points in the coming month and maybe twice to counter inflationary forces.
News had hit earlier that the Philadelphia Fed Index rose to 17.3 from 2.2 for the month. The prices paid component jumped to 67.6 from 52.7.
The euro was $1.2021 from $1.1971 earlier Thursday, while the sterling was $1.7747 from an earlier $1.7660.