Tokyo: Stocks open 1.20% up

[TOKYO] Tokyo stocks opened 1.20 per cent higher on Tuesday, a day after equities markets fell globally on fears that Greece would crash out of the eurozone.

The Nikkei 225 index at the Tokyo Stock Exchange, which dropped 2.08 per cent on Monday, turned up 242.11 points to 20,354.12 at the start.

Greeks in a weekend referendum rejected more austerity demanded by creditors for a bailout, raising fears that the nation's debt crisis would deepen.

Investors were watching out for developments in the crisis, with Prime Minister Alexis Tsipras to unveil his government's new proposals on Tuesday at a hastily arranged emergency summit of the 19 eurozone countries in Brussels.

Market tensions have risen as the European Central Bank ratcheted up pressure on Athens by tightening collateral conditions for liquidity funding to the country's commercial banks.

The euro bought US$1.1041 and 135.47 yen early Tuesday, compared with 1.1057 and 135.50 yen in New York late Monday.

The dollar was at 122.68 yen against 122.55 yen.

AFP