TOKYO, Japan - The dollar rebounded against the yen in Asia on Wednesday after Japan's finance minister said he was ready to take "proper measures" to curb the yen's rise if necessary, dealers said.

The dollar, which briefly fell into the mid-83 yen range in New York on Tuesday to fetch a new 15-year low on weak home sales data, was changing hands at 84.44 yen in Tokyo morning trade.

The euro rose to 106.91 yen from 106.00 while edging down to 1.2661 dollars from 1.2670.

Japanese officials have been under pressure to show concrete plans to act against the strength of the yen, which threatens the country's exporters, amid growing frustration over perceived inaction.

Finance Minister Yoshihiko Noda cautioned the market Wednesday, telling reporters that the Japanese authorities "must take proper measures when necessary".

He did not mention specific options but the comment followed a report in the Nikkei economic daily that his ministry is ready to make a solo intervention if speculative trade boosts the Japanese currency by a few yen in a day.

"Many (market players) believed there would be no intervention by Japan. Considering the dollar has fallen this much, however, they moved for buybacks protectively," Hachijuni Bank dealer Masatsugu Miyata said.

But Miyata doubted Japanese intervention would stem the yen's strength.

"Japan would be alone even if it acts. Solo action would only have limited impact," he said.

For every one-yen rise in the currency's value against the dollar, Japan's exporters can lose tens of billions of yen earned overseas when repatriated, threatening a sector that Japan depends on to offset its weak domestic picture.

The dollar lost ground in New York after data showed US existing home sales plunged 27.2 percent in July to a 11-year low, much worse than forecast and stoking fears the US recovery is at risk of unravelling.