TOKYO: The yen rose in Asia Friday, extending gains in New York on concerns about China's economy and the Ukraine crisis, while the euro fell after the head of Europe's Central Bank pledged to take action to fight deflation.
The dollar fell to 101.64 yen in afternoon trade from 101.85 yen late in New York and well below 102.73 yen in Tokyo earlier Thursday.
And the euro 140.86 yen against 141.28 yen and 142.81 Thursday in Tokyo.
The single currency also eased to $1.3858, from $1.3870 -- after touching a 29-month high of 1.3967 at one point in the previous session.
Global markets have been in turmoil this week after China at the weekend released surprisingly weak trade data that compounded lingering fears of a downturn in the world's number two economy and key growth driver.
Another batch of disappointing figures Thursday added to those worries, sending investors into lower-risk assets such as the yen, which is viewed as a safe haven in times of economic uncertainty.
Investors are also on edge as the Crimea prepares for a referendum Sunday on becoming part of Russia, a vote the West has called illegal.
The top diplomats of the US and Russia are due to meet in London to defuse the crisis but the West has warned Moscow of a serious backlash over the vote as the US and EU prepare sanctions against those blamed for stirring the tensions.
The euro came under pressure after European Central Bank chief Mario Draghi said Thursday that the risk of deflation in the eurozone was limited, but said he was ready to act decisively in case inflation expectations shift down.
He also noted that medium and long-term expectations remain anchored to the ECB's objective of just below 2.0 percent but acknowledged "the longer inflation remains low, the higher the probability of such risks emerging", according to a text of his speech released by the bank.
The euro on Thursday touched its highest level since late 2011 after upbeat eurozone industrial output data raised hopes for recovery in the troubled economy.
The dollar was mostly higher against other Asia-Pacific currencies.
It rose to 61.47 Indian rupees from 60.97 rupees on Thursday, to 44.69 Philippine pesos from 44.53 pesos, to 1,072.78 South Korean won from 1,066.79 won, to Sg$1.2666 from Sg$1.2658, and to 11,418.80 Indonesian rupiah from 11,372 rupiah.
But it dipped to 32.32 Thai baht from 32.34 baht.
The Australian dollar bought 90.05 US cents, down from 90.67 cents while the Chinese yuan fell to 16.51 yen from 16.83 yen.
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