LONDON (AFX) - The yen fell back against the dollar in early trade following the Japanese Ministry of Finance's intervention to weaken the Japanese currency, dealers said. The move also saw the euro come off-highs against the dollar, they added. Japanese Finance Minister, Masajuro Shiokawa confirmed the intervention, saying that "recent movements in the foreign exchange market have been too rapid". He cautioned that Japanese authorities are closely monitoring the market and will take appropriate action as necessary. Intervention was at about 123 yen, following which dollar-yen reached 124 levels. There has been light profit taking as well on the yen and euro, helping the dollar steady, Steve Pearson, currency strategist at Halifax said. "The general dollar weakness continues but it has steadied," he said. The continued intervention has made the market wary of pushing the yen too high, he added. The market is also rather optimistic about the afternoon's US data, especially the University of Michigan May consumer sentiment barometer, Pearson said. Economists forecast that the University of Michigan's final consumer sentiment index reading for May rose to 95.8 from the initial estimate of 96.0. However, the dollar will be vulnerable to any disappointment, Pearson said. "It could turn out to be a very slow afternoon," he added. Sterling was off highs against the dollar but a touch stronger against the euro.