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Tokyo: Stocks open higher amid caution on Greece

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[TOKYO] Tokyo stocks were 0.47 per cent higher in opening trade on Monday as the euro held up ahead of an all-important European summit meeting on breaking the impasse in Greek debt talks.

The Nikkei 225 index at the Tokyo Stock Exchange gained 94.99 points to 20,269.23 in the first few minutes of trade.

The euro held up as eurozone leaders were set to to hold an emergency meeting later Monday on the Greek crisis.

The euro bought US$1.1362 and 139.55 yen early Monday, up from US$1.1349 and 139.23 yen in New York late Friday.

Greek Prime Minister Alexis Tsipras presented new proposals to European leaders Sunday as Athens announced a frenzied round of meetings ahead of the summit that could determine whether Greece crashes out of the eurozone.

The head of the European Commission cabinet Martin Selmayr described the Greek proposals as providing a "good basis for progress" at the summit, and alluded to the difficulties in striking a deal by terming the process a "forceps delivery".

The dollar fetched 122.78 yen Monday, marginally up from 122.69 yen in US trade but still down from 123.14 yen in Tokyo earlier Friday.

AFP