TOKYO: Tokyo stocks fell 0.78 per cent on Tuesday morning, hit by a firmer yen and concern over bailout talks between Greece and its creditors.
The Nikkei 225 index at the Tokyo Stock Exchange dropped 138.42 points to 17,573.51 by the break, while the Topix index of all first-section issues slid 0.20 per cent, or 2.80 points, to 1,422.12.
“There’s nothing particularly surprising about the details of the negotiations between Greece and the European Union,” said Ryuta Otsuka, a strategist at Toyo Securities.
“But the conflict between one side asking for a debt reduction and the other side seeking full repayment are weighing heavily on sentiment,” he told Bloomberg News.
Greek Prime Minister Alexis Tsipras vowed over the weekend to stand by his anti-austerity electoral promises, raising worries the country will default on its 315 billion euros ($360 billion) debt repayments.
German Chancellor Angela Merkel said Monday she awaited a “sustainable” proposal from Greece that respected the “basic rules” of the bailout programme as set by international lenders.
