TOKYO: The euro was steady in Asian trade on Friday after tumbling in New York on weak eurozone economic data and growing fears about a banking crisis in Cyprus.
The yen firmed against the dollar, meanwhile, after the Bank of Japan's new governor Haruhiko Kuroda quashed hopes for immediate easing measures as he held his first official news briefing Thursday.
In Tokyo afternoon trade, the single European currency bought $1.2894, compared with $1.2902 in New York, where it had plunged on Cyprus worries.
It also fetched 122.62 yen, against 122.58 yen, while the dollar sat at 94.95 yen, from 95.01 yen in US trading.
Yen-buying was stoked after the European Central Bank warned Cyprus it had until Monday to agree a new bailout plan with the European Union and International Monetary Fund, or funding to Cypriot banks would be stopped.
That would likely cause the island nation's teetering lenders to collapse.
But the fears have been relatively contained, sparing the euro from a further losses on Friday, analysts said.
"Market sentiment turned negative as the Cyprus crisis deepened while the eurozone also saw some very disappointing (economic) data," Credit Agricole said in a note.
The "market seems relatively calm given the distinct risks of Cyprus exiting the eurozone, but we expect the uncertainty to continue to weigh on market sentiment".
Private business activity across the 17-nation bloc hit a four-month low in March, according to an index published by London-based Markit.
The report pointed to weakness in manufacturing, services and new business, while analysts also expressed concern over fresh private-sector data from Germany that suggested the eurozone's strongest economy may be faltering.
In Japan, remarks from top BoJ officials including Kuroda produced no surprises, with dollar-yen trade lacking a "clear direction", Citibank Japan chief forex strategist Osamu Takashima told Dow Jones Newswires.
Some had expected Kuroda to call an emergency policy board meeting that would usher in aggressive new easing measures.
The BoJ boss declined to comment on any such plans, but pledged "all-out efforts" to rid Japan of growth-sapping deflation that has plagued the economy for years.
The dollar was mixed against other currencies, firming to Tw$29.84 from Tw$29.79 a day earlier, to 9,755 Indonesian rupiah from 9,731 rupiah, to 1,117 South Korean won from 1,116 won, and to 40.83 Philippine pesos from 40.71 pesos.
The greenback weakened to 29.23 Thai baht from 29.79 baht, to Sg$1.2494 from Sg$1.2509, and to 54.28 Indian rupees from 54.29 rupees.
The Australian dollar firmed to $1.0425 from $1.0373 while the Chinese yuan fetched 15.25 yen against 15.42 yen.
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