The New Zealand dollar slipped against the yen, following Friday afternoon's large gains on news the Group of Seven was launching its first coordinated currency market intervention since 2000 to rein in a soaring Japanese currency.

With the effort to weaken the currency and calm markets after Japan's devastating earthquake, tsunami and unfolding nuclear crisis, the NZ dollar initially surged from around 57 yen to about 59.70.

Overnight Friday and early Saturday the kiwi edged lower to be at 58.97 around 8am today.

The NZ dollar also fell to 0.5148 euro at 8am today from 0.5184 at 5pm on Friday, and was little changed at US73.04c and A73.44c against the US and Australian dollars.

The trade weighted index fell to 64.17 at 8am today from 64.42 at 5pm on Friday.

Currency strategist Mike Jones said selling pressure on the NZ dollar had evaporated on Friday, with the kiwi boosted by the G7 intervention and by a modest recovery in risk appetite.

He expected global risk appetite would remain the main driver of the NZ dollar against the greenback this week, but data releases in this country should ensure some local direction for the kiwi, Mr Jones said.

December quarter balance of payments figures are due out on Wednesday, followed by gross domestic product on Thursday.

- NZPA