TOKYO (Kyodo) -- The yen soared to a one-month high in the upper 149 level against the U.S. dollar Friday as higher-than-expected inflation data fueled speculation that the Bank of Japan could raise interest rates next month.

The Japanese currency strengthened, sending the dollar below the 150 yen line for the first time since late October, briefly gaining 2 yen to reach as high as 149.54, following the release of the November core consumer price index for Tokyo, seen as an indicator of Japan's nationwide CPI.

At 5 p.m., the dollar fetched 149.98-150.00 yen compared with 151.50-54 yen at 4 p.m. in London and 151.75-78 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.0579-0580 and 158.67-71 yen against $1.0536-0538 and 159.90-94 yen in Tokyo late Thursday afternoon.

U.S. financial markets were closed Thursday for a national holiday.

Tokyo's core CPI excluding volatile fresh food items rose 2.2 percent from a year earlier in November, fueling expectations that the central bank will tighten its monetary policy to curb inflation at its Dec. 18-19 policy meeting, dealers said.

The yen's jump came when it was already strengthening against the dollar as investors sought a safe-haven asset amid concern over the adverse impact of U.S. President-elect Donald Trump's pledge to impose new tariffs on imports from Mexico, Canada and China.

"Investors were cautious throughout the week as Trump announced hawkish policies," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.

With many market participants likely taking time off for the U.S. holidays, the exchange market was likely to react in a volatile manner, Ichikawa added.

Tokyo stocks fell slightly as exporters were offloaded on the strong yen, which reduces their overseas profits when repatriated.

The 225-issue Nikkei Stock Average ended down 141.03 points, or 0.37 percent, from Thursday at 38,208.03. The broader Topix index finished 6.57 points, or 0.24 percent, lower at 2,680.71.

On the top-tier Prime Market, decliners were led by transportation equipment, precision instrument and machinery issues.

Stocks were in negative territory throughout the day but the Nikkei trimmed some losses in the afternoon on bargain-hunting after the benchmark briefly fell below the 38,000 threshold. A rise in U.S. stock futures also lifted sentiment, analysts said.

The yield on the benchmark 10-year Japanese government bond ended at 1.050 percent, unchanged from Thursday's close.