The euro fetched $1.2770 and 97.98 yen in Tokyo morning trade, up from $1.2737 and 97.84 yen in New York late Tuesday. The dollar bought 76.73 yen against 76.82 yen in New York. The euro was up on a local report that China's central bank had lowered reserve requirements for some banks, spurring buying in riskier currencies, traders told Dow Jones Newswires. China said Tuesday its economy expanded 9.2 percent last year, a healthy figure but slower than a 10.4 percent expansion in 2010 as global turbulence and efforts to tame high inflation put the brakes on growth. The euro will likely remain under pressure as Greece resumes talks on debt restructuring and Portugal tests investor confidence with a bond sale later in the day, said Masafumi Yamamoto, chief FX strategist at Barclays Capital in Tokyo. The euro was likely to stay near $1.2750 during Asian trading hours Wednesday due to a lack of fresh leads, he said. Greece's default risk presents a "negative risk" for the common currency, as reports suggest the debt-ridden nation may default in the coming months, he noted. "I am not optimistic on the situation," he said. Athens and bank representatives are to explore on Wednesday and Thursday ways of cutting 100 billion euros ($128 billion) from a total of more than 350 billion euros in debt that is crushing the country's finances.