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Tokyo - The euro extended a rebound in Asian trade on Wednesday as fears eased that Greece's debt crisis will spread to the rest of the eurozone, dealers said.
The euro climbed to $1.3781 in Tokyo afternoon trade from $1.3764 in New York late on Tuesday, and to ¥124.45 from ¥124.09. The dollar gained to ¥90.33 from ¥90.13.
The European currency last week slid to a nine-month low of $1.3532, hit by worries that other eurozone countries such as Portugal, Ireland, Italy, and Spain could suffer similar fiscal problems as Greece.
But it rose sharply in US trade on Tuesday after a meeting of European Union finance ministers called on Greece to prepare drastic action by March 16 to rein in its bulging public deficit - the highest in the 16-member eurozone.
Radical new cost-cutting and tax-raising measures are set to be imposed under newly agreed European Union voting rules.
"Investors are focusing only on the euro," said Hideaki Inoue, chief forex manager at Mitsubishi UFJ Trust and Banking Corp. "The outline of the EU plan to stave off Greece's debt crisis has become clearer."
Dealers said that investors were starting to switch back into riskier plays, selling the safe-haven dollar and yen, in response to the easing debt fears in Europe and positive US economic data.
Manufacturing activity in the New York region expanded at a faster pace in February, according to new data that lifted hopes that a recovery in the world's largest economy is well on track.
"Share prices are also climbing, supporting investor risk appetite," said Inoue.
Investors "may soon shift to more risk-taking and start selling the dollar and yen."
Asian stocks surged on Wednesday after US shares shot higher on the back of the strong manufacturing data and easing concerns about Greece's debt troubles.
Against regional currencies, the dollar fell to 1,142.15 South Korean won from 1,151.55 the previous day, to $1.4027 Singapore dollars from $1.4082, and to 33.13 Thai baht from 33.18.
The dollar dropped to 45.97 Philippine pesos from 46.13, and to 9,280.00 Indonesian rupiah from 9,338.25, but rose to $33.13 Taiwan dollars from $32.12.
- AFP