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"Papandreou's comments poured cold water on agreements that Europe finally got into shape last week"
- Ayako Sera, a market strategist at Sumitomo Trust & Banking Co.
Japanese stocks plunged on Tuesday after Greek Prime Minister called for a referendum on a new rescue package agreed at a European Union summit last week . The Nikkei 225 lost 1.70%, or 152.87 points, to 8,835.52, while the broader Topix decreased 0.96%, or 7.37 points, to 764.06.
"Papandreou's comments poured cold water on agreements that Europe finally got into shape last week," said Ayako Sera, a market strategist at Sumitomo Trust & Banking Co. in Tokyo. "The Greek Prime Minister is thrusting responsibility onto the public. That sparked a lot of risk-off moves in the market."
Japanese Cabinet Office is to announce month on month change in core machinery orders next Thursday.