Tokyo stocks open down 0.19%

Tokyo stocks open down 0.19%

TOKYO - Tokyo stocks opened down 0.19 per cent on Tuesday as investors had few trading leads from overseas markets while watching latest news on a meeting on aid for debt-crushed Greece.

The Nikkei 225 index at the Tokyo Stock Exchange was down 17.81 points at 9,371.13 at the start.

"Currency markets are showing a touch more yen strength, particularly against the dollar, which is a negative," said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.

"On the other hand, trading volume and value levels are encouraging, showing increased participation, which is an overall positive," he told Dow Jones Newswires.

The euro moved narrowly as the market watched the outcome of a meeting in Brussels of Greece's creditors on crucial aid for the debt-ravaged country.

European Union sources said eurozone finance ministers struck a new deal with the IMF early Tuesday to slice some 40 billion euros (S$63 billion) off Greece's massive debt burden by 2020.

Greece's public creditors agreed to take measures to bring down the country's debt-to-GDP ratio from an estimated 144 per cent to 124 per cent come 2020, the sources said, some 12 hours after entering their third meeting in two weeks in a bid to unblock long-delayed loans to the Greek government.

The euro bought US$1.2988 and 106.39 yen in early Asian trade as the news on the meeting began to come in, compared with US$1.2971 and 106.38 yen in New York late Monday.

The dollar slipped to 81.87 yen from 81.98 yen.

On Monday in New York strong gains by Apple, Facebook and other key tech stocks sent the Nasdaq exchange 0.33 per cent higher to 2,976.78.

But the Dow Jones Industrial Average finished down 0.33 per cent at 12,967.37 amid lingering concerns over consumer spending.

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