TOKYO: The euro rose against the dollar and yen in Asia on Wednesday, despite growing fears about Spain's finances, as traders looked to a European Central Bank policy meeting and possible easing measures.

The euro bought $1.2507 and 98.72 yen in Tokyo afternoon trade, against $1.2450 and 98.03 yen in New York late Tuesday.

The dollar rose to 78.92 yen from 78.72 yen.

Top European finance ministers vowed Tuesday to respond “speedily” to the continent's debt crisis as Madrid pleaded for help to prop up its struggling banking system and avoid a bailout.

But the impact on the euro was limited, dealers said, with Credit Suisse analyst Hiromichi Shirakawa saying that there was no joint statement after the G7 talks, which showed “little sense of urgency”.

“Are policymakers globally thinking neither Greek's departure from the eurozone nor Spanish banking turmoil would happen?” he said in a note.

“This little sense of urgency among the authorities suggests a delay in policy action, causing worries.”The emergency talks also came amid concern about Greece's future in the eurozone once fresh elections take place later this month which are intended to resolve a political standoff stoked by a wave of anti-austerity sentiment.

Traders said investors would be watching the ECB policy meeting later Wednesday to see whether the bank will announce easing measures, which may boost the euro in the short term.

“If the ECB does (take additional easing measures), the euro will rise sharply. If the ECB doesn't, the euro will plunge,” a trader told Dow Jones Newswires.

The single currency also turned up Wednesday after data showed Australia's mining-powered economy expanded 1.3 per cent in the first three months of 2012 -- double expectations -- on the back of rising consumer spending and business investment.

The Australian dollar jumped to 98.52 US cents in the afternoon from an earlier 97.76 US cents.

The US dollar was lower against other Asian currencies.

It fell to 1,173.65 South Korean won from 1,178.95 won on Tuesday, to Tw$29.88 from Tw$29.99, to 43.30 Philippine pesos from 43.46 pesos and to Sg$1.2800 from Sg$1.2855.

The greenback was also lower at 31.48 Thai baht from 31.63 baht and 9,473.00 Indonesian rupiah from 9,500.00 rupiah.

The Chinese yuan was trading at 12.36 yen, up from 12.29 yen.