Tokyo: Stocks open slightly lower

[TOKYO] Tokyo stocks opened slightly lower on Friday in cautious trade as investors remained concerned over the Greek debt crisis and the recent Chinese stock market rout.

The Nikkei 225 index at the Tokyo Stock Exchange fell 0.04 per cent, or 7.69 points, to 19,847.81 in the first minutes of trading.

On Thursday, Tokyo stocks recovered as Beijing moved to stop a hair-raising drop in Chinese shares that sparked a regional sell-off and fuelled fears about the country's economy.

The euro changed hands at US$1.1059 and 134.57 yen early Friday against US$1.1035 and 133.88 yen in New York late Thursday .

Greece has submitted to its eurozone creditors a new bailout plan proposing a pensions overhaul and tax hikes in return for debt relief and a three-year rescue loan, a government source said early Friday.

The dollar rose to 121.69 yen from 121.34 yen in US trade.

US stocks finished higher on Thursday, bouncing back from deep losses in the prior session following strong gains in Asian and European equity markets.

The Dow Jones Industrial Average advanced 0.19 per cent, while the broad-based S&P 500 rose 0.23 per cent.

AFP