* Yen seen consolidating with Japan shut for holiday
* Markets on alert for any jawboning from Japanese officials
* China PMI on Sunday should set tone for early next week
By Ian Chua
SYDNEY, April 29 (Reuters) - The yen held on to broad gains early on Friday, having posted its biggest one-day rally in over five years against the greenback and euro after the Bank of Japan skipped a chance to ease policy.
The vicious yen move is likely to raise the ire of policymakers, although a period of consolidation looks likely with Japanese markets shut for a public holiday.
"Outright intervention remains unlikely unless price action gets truly disorderly," analysts at BNP Paribas (PA:BNPP) wrote in a note to clients.
"However, we would expect MOF officials to continue to signal that intervention is available to counter disorderly moves and for BOJ officials to remind markets of their willingness to ease further."
The dollar skidded 3.0 percent against the yen and the euro slumped 2.7 percent - magnitudes not seen since early 2011 - after the BOJ held off from expanding monetary stimulus and left the door open for more action. and technicals probably played a part in exaggerating the moves, traders said.
The greenback was last at 108.15 yen JPY= , not far from the overnight low of 107.87. The euro reached a near two-week trough of 122.515 yen EURJPY=R and last traded at 122.73.
The New Zealand dollar also posted solid gains versus the greenback and euro after the Reserve Bank of New Zealand chose to stand pat on interest rates on Thursday, dashing some expectations for a cut.
The kiwi last stood at $0.6955 NZD=D4 , following a 2.2 percent rally, while the euro was flirting with NZ$1.6300 EURNZD=R after a 1.5 percent drop.
Sterling GBP=D4 , the Canadian dollar CAD=D4 and the Australian dollar AUD=D4 also gained ground on their U.S. peer.
Not helping the greenback, data released on Thursday confirmed what many already suspected, that U.S. economic growth nearly stalled in the first quarter. The economy grew at a paltry 0.5 percent annualised pace, braking sharply from 1.4 percent. that backdrop, the Federal Reserve might be in no hurry to deliver the next hike in rates, traders said.
There is little in the way of market-moving data out of Asia on Friday. China's official survey on manufacturing activity due on Sunday should set the tone for early next week. (Editing by Richard Pullin)