The Japanese stock market is down sharply on Monday, after cash-strapped Greece voted overnight to reject austerity conditions required for continued financial aid from creditors. Additionally, a stronger yen weighed on exporters' stocks.
The Greek referendum results, while being a victory for Prime Minister Alexis Tsipras, imperils Greece's membership in the eurozone and a banking collapse if its creditors refuse further aid.
In late-morning trades, the benchmark Nikkei 225 Index is losing 269.03 points or 1.31 percent to 20,270.76, off a low of 20,195.76 in early trades.
Among the major exporters, Sony Corp. (SNE) is down 2 percent, Sharp is declining 0.6 percent, Panasonic is lower by more than 1 percent and Toshiba is lower by more than 3 percent.
The Nikkei business daily reported that Toshiba's accounting scandal is worsening, and the company will now need to downwardly revise its past operating profits by more than 150 billion yen.
In the tech sector, Casio Computer is losing more than 1 percent, Fanuc is down almost 2 percent and Kyocera is lower by more than 2 percent.
Among auto stocks, Toyota (TM) is lower by 1 percent, Honda (HMC) is down almost 2 percent and Suzuki is declining more than 2 percent. Mazda, with large exposure to Europe, tumbled more than 3 percent.
In the banking space, Mitsubishi UFJ Financial (MTU), Mizuho Financial (MFG) and Sumitomo Mitsui Financial are losing more than 2 percent each.
Among the other major losers, Sekisui House is declining more than 2 percent, Nippon Suisan Kaisha is lower by 1.7 percent and Daiwa House Industry is down 1.4 percent.
In the currency market, the U.S. dollar is trading in the lower 122 yen-range on Monday, down from Friday's close in the lower 123 yen-range in Tokyo.
The U.S. markets were closed on Friday for the Independence Day holiday.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.