TOKYO: The euro inched higher against major currencies in Asia on Thursday as traders looked to a G20 meeting focused on beefing up the International Monetary Fund's debt-crisis war chest.
The single currency was changing hands at $1.3122 in Tokyo trade, up slightly from $1.3120 in New York late Wednesday. It rose to 106.93 yen from 106.59 yen.
The dollar firmed to 81.48 yen from 81.23 yen.
"The focus now is on whether the G20 meeting of finance ministers and central governors due from later today to tomorrow could agree on expanding the IMF funding, a safety net for the eurozone, to $500.0 billion," said Masafumi Yamamoto, currency strategist at Barclays Capital.
"Amid growing concerns over Spanish (debt) financing, the meeting failing to agree on enough expansion of the safety net would put a selling pressure on the euro," Yamamoto said in a note to clients.
Japan has pledged $60.0 billion to the IMF, saying it was a critical part of the organisation's bid to boost a global firewall against Europe's debt crisis.
Sweden, Norway, Denmark and Poland are among the nations that have since pledged billions of dollars to the effort, but it was unclear what figure would be settled on at the meeting. (AFP)