NEW YORK (Reuters) - The yen rose on Tuesday after Bank of Japan minutes showed the hurdle to further quantitative easing was high, while the dollar slipped as data showing a deterioration in consumer confidence overshadowed a surprise upward revision of third-quarter U.S. growth.
Some BOJ board members were concerned that expanding the central bank's quantitative easing could raise the risk that it would be seen as financing the government deficit, minutes of an Oct. 31 meeting released on Tuesday showed.
Those concerns came after the BOJ stunned the market last month by expanding its annual government debt purchases to 80 trillion yen from 50 trillion yen to stimulate Japan's long struggling economy.
That move raised bets the BOJ would pursue more stimulus, pushing the yen to a seven-year low against the dollar last week.
"There is some rethinking of those short yen positionings," said Paul Christopher, chief international strategist at Wells Fargo Advisors in St. Louis.
Some analysts said the swift depreciation of the yen, which would help Japanese exporters, might be overdone.
The dollar was down 0.3 percent at 117.93 yen after it struck a seven-year high of 118.98 last week. The euro dipped 0.06 percent to 147.02 yen after reaching a six-plus year peak of 149.12 yen last Thursday.
The dollar earlier received a brief boost after the government upwardly revised its reading on third-quarter gross domestic product to 3.9 percent. Its gains faded after the Conference Board reported its index on U.S. consumer confidence unexpectedly fell to a five-month low in November.
The euro was up 0.2 percent at $1.2470, rebounding from nearly a two-year low of $1.2358 earlier this month.
The dollar index was down 0.26 percent at 87.922 after it nearly touched a 4-1/2-year high of 88.440 on Monday.
Separately, the Australian dollar fell to a four-year low at $0.8515 after the Reserve Bank of Australia's deputy governor, Philip Lowe, said the currency was overvalued. It was down 1 percent at $0.8523 in late U.S. trading.
Additional reporting by Anirban Nag in London; Editing by Chizu Nomiyama and Steven Orlofsky