TOKYO (AFX-ASIA) - The dollar was firmer in midafternoon trading on short-covering after successfuly protecting the 123.00 yen level earlier, dealers said. The US currency also saw some support from comments by Finance Ministry senior deputy director-general Zenbei Mizoguchi this morning that the yen's rise against the dollar is undesirable. But the dollar is not likely to sharply extend its rebound due to caution ahead of the release tomorrow of major US economic data, including revised Q3 GDP, they said. The Federal Reserve's Beige Book survey of current economic conditions overnight reported "evidence of additional slowing in most regions outweighing signs of recovery in a few districts," through mid-November. North Pacific Bank foreign exchange manager Toshikazu Shimamura said that although the underlying firm tone of the dollar will remain unchanged, the currency may be exposed to downside risk in the near-term due to consolidation. "As the dollar showed inability to gain strong ground even on such good leads as S&P's downgrade (of Japan's long-term ratings to AA from AA+), investors are still willing to lock in any profits on its recent gains," he said. "However, any falls will be limited to around 122.50 yen level." A report this morning that Japan's unemployment rate will hit a record high of 5.4 pct in October failed to have material impact, dealers said. "The market had already prepared for a much sharper rise in unemployment rate," Shimamura said. "It seems that the market has shifted attention to the US non-farm payroll data to be released tnext week." The euro was lower against the dollar due to short-covering in the US currency, while local investors were sidelined ahead of the US data, dealers said.