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Tokyo stocks open up 0.32% on Tuesday


[TOKYO] Tokyo stocks opened 0.32 per cent higher on Tuesday after a global equities sell-off, as the euro was resilient with investors bracing for an expected Greek default.

The Nikkei 225 index at the Tokyo Stock Exchange, which closed down 2.88 per cent on Monday, turned up 64.66 points to 20,174.61 at the start.

Global stocks slumped Monday on Greece's decision to hold a referendum on austerity conditions demanded by its creditors in exchange for bailout funds, increasing the possibility of a Greek default and eurozone departure.

The broad-based S&P 500 on Wall Street sank 2.09 per cent, suffering its steepest loss of 2015.

Frankfurt's DAX 30 lost 3.56 per cent, and the CAC 40 in Paris shed 3.74 per cent.

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On Monday, Greek Prime Minister Alexis Tsipras implied that Athens would default on a 1.5 billion-euro debt payment due on Tuesday to the International Monetary Fund, a partner in the bailout with the European Commission and the European Central Bank.

"(How) is it possible the creditors are waiting for the IMF payment while our banks are being suffocated?" he asked in a television interview.

"Once they decide to stop the suffocation, they will be paid," he added.

The euro was resilient early Tuesday although it came off a rally in US trade.

The common currency bought US$1.1215 in Asia on Tuesday against US$1.1247 in New York late Monday.

Against the yen, the euro bought 137.52 yen against 137.82 yen in US trade.

The dollar edged up to 122.67 yen from 122.55 yen.


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