SINGAPORE (AFX-ASIA) - The euro extended its gains against other major currencies in quiet Singapore trading, with the Tokyo market closed for a holiday, dealers said. "The currency market is just continuing the trends we've seen last week. The Euro is sustaining its gains and the yen has fallen further," a dealer with a U.S. trading house said. "Trading is pretty quiet because Tokyo is on holiday, but I don't think the trends will change immediately," he said. He said the yen is continuing to weaken amid concerns over the impact of a U.S. economic slowdown on Japan's still fragile economy. The yen has hit a low of 116.62 to the dollar before settling at 116.41 around noon. "We do not expect the Japanese government to support the yen at this stage because it is heavy in debt," he said. The focus of interest is shifting to the euro even though some European economies are also experiencing a slowdown, he said. The concensus right now is that the European Central Bank will not be inclined to cut European interest rates as much as the U.S. FOMC did. "The declines in the European economies are less severe compared to the U.S. and at the moment Europe is benefitting from an exodus of funds from the U.S.," he said.