The euro tumbled in Asia on Wednesday after eurozone finance ministers failed to clinch a deal to release bailout funds crucial to staving off a Greek bankruptcy, but vowed to try again next week.
The single currency fell to $1.2751 and 104.30 yen after hitting highs of $1.2820 and 105.07 yen before the announcement from Brussels.
It had finished in New York Tuesday at $1.2818 and 104.70 yen.
The dollar, which had touched a seven-month high of 81.97 yen in the morning, bought 81.80 yen in the afternoon.
In a statement, the ministers said they would meet again next week "for further technical work on some elements of the package".
They had gone into the negotiations expressing confidence a deal would be reached to unblock 31.2 billion euros in aid to Athens and resolve a rift with the International Monetary Fund over how to get the debt-stricken state's economy back on track.
"Since the market consensus that Greece would get a cash injection was dashed, it's a natural consequence that disappointment sparked selling (of the euro)," Daisuke Karakama, senior market economist at Mizuho Corporate Bank, told AFP.
A major bone of contention was whether to give Greece, which faces a sixth year in recession, an extra two years to arrive at a point where it can raise its own funds.
The dollar had won support against the yen after Japan released another batch of weak trade data, which raised hopes for fresh monetary easing.
The yen's weakness was stoked by Japan's larger-than-expected trade deficit for October, the latest data to underscore slowing in the world's third-largest economy, a senior dealer at a major Japanese bank told Dow Jones Newswires.
Official data Wednesday showed Tokyo's October trade deficit nearly doubled to 549 billion yen as shipments to the key European market sank, while a territorial spat with China also hurt.
The yen has come under pressure since Japan's main opposition leader Shinzo Abe, widely tipped to become prime minister after next month's elections, said he would press the central bank for unlimited monetary easing to tackle the economy's ongoing weakness.
The dollar was higher against other Asia-Pacific currencies on risk-aversion.
It firmed to 55.29 Indian rupees from 54.87 rupees on Tuesday, to Tw$29.16 from Tw$29.10 and to 30.73 Thai baht from 30.69 baht.
The greenback also rose to 1,083.50 South Korean won from 1,082.00 won, to Sg$1.2264 from Sg$1.2234, to 41.19 Philippine pesos from 41.13 pesos, and to 9,637 Indonesian rupiah from 9,634 rupiah.
The Australian dollar fell to $1.0352 from $1.0414, while China's yuan edged up to 13.09 yen from 13.05 yen.