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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 stocks tumbled for a third consecutive day on Wednesday amid worries Greek referendum will undermine Europe's rescue plan. The Nikkei 225 lost 2.21%, or 195.10 points, to 8,640.42, while the broader Topix decreased 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.