TOKYO (AFX-ASIA) - The dollar was lower against the yen in midafternoon trade, pressured by the rise in the local equity market and selling of the US unit by Japanese exporters, dealers said. Hidenomu Fukuhara, a dealer at Daiwa Bank, said short-covering in the dollar which started recently is going to be limited, adding that "quite a lot of exporters are waiting to sell the US unit at around the 120.50-121.00 level." "I think the dollar will weaken further against the yen pretty soon," he said. Fukuhara said reported comments by Finance Minister Masajuro Shiokawa in Denmark that the ministry will try to prevent the dollar from reaching the 115.00 level against the yen will only accelerate the dollar's fall as the comment gave a new benchmark for the rate. Shiokawa also said that his ministry will continue to do its best to prevent rapid currency movements, according to local media reports. Fukuhara said Shiokawa's comments will not prevent the dollar's fall, adding that it is possible that the dollar will fall to the 115.00 level, compared with the recent support level of 118.50. "Basically, there was support at the 118.50 level against the yen, as this was the level when the ministry intervened in the market last time. But because of Shiokawa's comments, it is possible that the dollar will fall below that level and reach 115.00," Fukuhara said. Fukuhara said it is necessary for the ministry to guide the yen up towards the 122.00 level to the dollar in order to change the currently weak sentiment on the dollar. "But so far, the ministry continues to fail to change that sentiment. In addition, there is a very limited possibility of a joint intervention. I think any impact from intervention by the MoF will only be limited," Fukuhara said. Fukuhara said he sees the dollar/yen moving in the range of 116.50-121.50 next week. Dealers said the euro was little changed against the major currencies on a lack of fresh leads. Fukuhara said it is possible that the euro will fall to the 0.9650 level against the dollar on position adjustments. He added that he expects the euro/dollar to move in the range of 0.9650-1.0000 next week.