Asian markets dipped on Tuesday after a top euro zone official suggested a levy on bank deposits used as part of the Cyprus bailout could be a template for future rescues in the troubled region.

Jeroen Dijsselbloem, who heads the euro group of finance ministers, said the costs of bank recapitalisations should not fall on the public sector, but on bondholders, shareholders and, if necessary, uninsured deposit holders.

His statement, which came just hours after a last-minute deal to save the Cyprus financial sector, sent the euro tumbling to a four-month low in London.