TOKYO The dollar was slightly lower in Tokyo Friday due to underlying concerns about the sustainability of a sharp rebound seen on Wall Street overnight, dealers said.

The dollar failed to benefit from the release overnight of revised U.S. Gross Domestic Product (GDP) data which showed that the world's biggest economy expanded at a 6.1 percent annual rate in the first quarter, notably stronger than the previous estimate of 5.6 percent.

The release on Friday of Japanese unemployment data, showing a rise to 5.4 percent in May from 5.2 percent in April, also failed to have a material impact.

The dollar traded at 119.43-45 yen at 2:00 P.M.

(0500 GMT), against 119.49-53 yen in New York and 119.57-60 yen in Tokyo late Thursday.

"Participants now do not have a major interest in old data," said Masanori Hirabayashi, foreign exchange manager at Shinsei Bank.

"They are focusing more on the underlying changes to the foreign exchange stance taken by the monetary authorities in the U.S., Europe and Japan." Finance Minister Masajuro Shiokawa reiterated his previous remarks that the ministry would continue to closely watch developments in the foreign exchange market, AFP reported.

"Participants now think that the Japanese authorities will carry out intervention just to smooth the pace of the appreciation of the yen, and that it has no intention of turning around the trend," Hirabayashi said.

"They also think that the U.S. and European authorities now accept the steady fall in the dollar against the euro." The euro bought 0.9886 dollars around 2:00 P.M., compared with 0.9877-80 dollars in New York and 0.9840-44 dollars in Tokyo Thursday afternoon.

Euro-dollar trading was volatile Friday and without clear direction, with the market expecting a continuing impact from the accounting scandal at U.S. telecoms giant Worldcom, dealers in Singapore said.