Euro reaches new 10-year yen low on eurozone debt worries

The single currency at one point logged US$1.3390, slightly off the US$1.3385 it hit Thursday, it's lowest level since January.

The euro also fell to 102.18 yen in Tokyo afternoon trade from 103.31 yen in New York late Friday, its worst showing since June 2001.

The U.S. dollar edged down to 76.38 yen from 76.50 yen.

A meeting late last week of finance chiefs from the Group of 20 (G-20) leading economies could not quell financial market concerns that Greece's debt problem may trigger another global financial crisis.

The meeting issued an emergency statement saying: “We ... are committed to a strong and coordinated international response to address the renewed challenges facing the global economy.”

“We are taking strong actions to maintain financial stability, restore confidence and support growth,” it said.

Teppei Ino, an analyst at the Bank of Tokyo-Mitsubishi UFJ, said: “The statement temporarily supported the euro's downside as the G-20 finance chiefs pledged their commitment to addressing the problem.

“But they came short of mapping out any measures with immediate effects so have failed to stop the market's selling of risky assets,” Ino said.

“Uncertainty will likely persist,” a senior dealer at a major Japanese trust bank told Dow Jones Newswires.

Speculation is mounting that the EU's second Greek rescue package, worth 159 billion euros and set up in July, will need to be revised.

For the second bailout to go through, eurozone lawmakers must approve a boost in funds for the current European Financial Stability Facility and the creation of its post-2013 successor, the European Stability Mechanism.

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