TOKYO, May 7 (Reuters) - The euro extended gains above $1.27 on Friday as market players continued to cover short positions, helped by news that Group of Seven (G7) finance ministers will discuss efforts to get aid to debt-stricken Greece later in the day.
The euro climbed as far as $1.2724 on trading platform EBS before trading at $1.2698, up 0.6 percent on the day.
The euro climbed 2.7 percent against the yen to 117.35 yen, recovering sharply from Thursday's low around 110.45 yen, its lowest since December 2001. (Reporting by Satomi Noguchi)