Fujikawa, 32, blew his first save of the season on Friday, giving up three runs in the ninth inning before the Cubs rallied to beat the San Francisco Giants 4-3 in the bottom of the inning.
"It can't get worse right now and being in an important role with the team if it's not helping the team and it's hurting them, it's better to make that decision," Fujikawa said through an interpreter.
The Cubs recalled right-hander Rafael Dolis to take Fujikawa's place on the roster.
Fujikawa recently took over the closer's role when teammate Carlos Marmol faltered. Fujikawa said his arm started bothering him a "couple of days ago" and considered not pitching on Friday. He gave up three hits in his one inning of work, raising his ERA to 12.46.
"I definitely felt my command wasn't there," he said.
Fujikawa indicated he's had a similar strain to his arm "once or twice" in the past and it usually resides after about 10 days.
Cubs manager Dale Sveum said he'll go to a closer-by-committee approach -- but that it won't include Marmol.
"It'll probably just come down to match-ups and what happened earlier in the game," he said. "I don't think I'll use Marmol right now. Right now I want to keep him in the role we talked about a few days ago."
The Cubs also said they'll use their off day Monday to skip pitcher Scott Feldman's start in the rotation due to back tightness. Feldman is 0-2 with a 6.00 ERA.
Third baseman Ian Stewart, recovering from a lengthy quad injury suffered in spring training, will report to Triple-A Iowa to begin a rehab stint on Sunday.
Second baseman Darwin Barney will play games in Iowa from Saturday through Monday as he's on the verge of returning from a left knee injury suffered on the final day of spring training. He's eligible to come off the disabled list on Monday.