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"We are likely to see risk aversion. I expect stocks will lose recent gains fast"
- Kazuyuki Terao, chief investment officer of RCM Japan Co.
Japanese banks were closed for a holiday on Thursday.
Japanese stocks tumbled for a third consecutive day on Wednesday, after Greek Prime Minister George Papandreou promised a referen-dum on a new aid package from European Union. The Nikkei 225 lost 2.21%, or 195.10 points, to 8,640.42, while the broader Topix de-creased 2.11%, or 15.92 points, to 738.58.
"We don't know how the Greek referendum will turn out and the market will look at downside risks until the result comes out," said Kazuyuki Terao, chief investment officer of RCM Japan Co. "We are likely to see risk aversion. I expect stocks will lose recent gains fast."
Japanese Cabinet Office is to announce month on month change in core machinery orders next Thursday.