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Tokyo stocks open down 0.75%


08:31 AM May 9th, 2012

May 9th, 2012 08:31 AM

TOKYO – Tokyo stocks opened 0.75 percent lower on Wednesday after overseas markets fell on investor jitters over political uncertainty in Greece and its impact on the euro.

The Nikkei 225 index at the Tokyo Stock Exchange opened down 68.93 points at 9,112.72.

“The situation in Greece remains worrisome, especially with respect to the euro,” said Toshiyuki Kanayama, market analyst at Monex brokerage.

He told Dow Jones Newswires that the euro could fall further.

The euro bought $1.2993 and 103.77 yen in early Asian trade, compared with $1.3005 and 103.84 yen in New York late Tuesday. The dollar was flat at 79.84 yen.

Political tension in the eurozone and a clutch of disappointing earnings reports sent US markets tumbling Tuesday.

The Dow Jones Industrial Average gave up almost 200 points at one point but a late buying rally minimised the day’s loss to 0.59 percent. The Dow closed at 12,932.09.

Greece’s conservative New Democracy party, which took the biggest share of weekend votes, failed to form a coalition government. The radical leftist Syriza party, which came second, is trying to form an anti-austerity cabinet.

Moves to re-balance European economic policy away from austerity alone and kickstart growth gathered pace Tuesday as the EU called leaders to extraordinary talks after a voter backlash.

European Union president Herman Van Rompuy announced a May 23 “informal dinner of heads of state or government” in Brussels before a summit scheduled for June 28-29.

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