Tokyo: Stocks open 0.28% lower

[TOKYO] Tokyo stocks opened 0.28 per cent lower on Tuesday following drops on US and European markets due to fears of a Greek default and exit from the eurozone.

The Nikkei 225 index at the Tokyo Stock Exchange slipped 49.26 points to 17,662.67 at the start.

The Dow Jones Industrial Average closed down 0.53 per cent on Monday as markets in Britain, France and Germany also fell.

The Athens stock market closed down nearly five per cent.

Investors were worried over Greece as Prime Minister Alexis Tsipras vowed over the weekend to stand by his anti-austerity electoral promises, raising worries of a default on 315 billion euros (US$360 billion) in debt.

German Chancellor Angela Merkel said Monday she awaited a "sustainable" proposal from Greece that respected the "basic rules" of the bailout program as set by international lenders.

The euro bought US$1.1327 and 134.32 yen early Tuesday compared with US$1.1325 and 134.35 yen in New York Monday afternoon.

The dollar was at 118.62 yen against 118.64 yen in US trade.

AFP