TOKYO: Tokyo stocks climbed 1.36 percent Tuesday morning, clawing back some of the previous day’s losses fuelled by Greece’s austerity vote, which analysts said was overdone.
The Nikkei 225 index at the Tokyo Stock Exchange rose 272.67 points to 20,384.79 by the break, while the broader Topix index of all first-section shares climbed 1.29 percent, or 20.90 points, to 1,641.26.
The market tumbled 2.08 percent Monday in a global equities sell-off after Greeks voted “no” in a referendum on more austerity in exchange for crucial bailout cash — raising fears it will tumble out of the eurozone.
“Yesterday’s Tokyo reaction to Greece went too far,” Toshihiko Matsuno, chief strategist at SMBC Friend Securities, told Bloomberg News.
“The European and US market reaction at the start of the week wasn’t as negative as expected.”
On Wall Street the Dow eased 0.26 percent, the S&P 500 shed 0.39 percent and the Nasdaq dropped 0.34 percent.
Investors are keeping watch on Brussels, where Greece’s Prime Minister Alexis Tsipras will unveil new proposals Tuesday at a hastily arranged emergency eurozone summit.
