Tokyo, Japan (BBN)-Asian stocks were lower in early trade on Wednesday, tracking US markets, as concerns about Greece’s ability to repay an IMF loan due on Friday weighed on investor sentiment.
Japan’s Nikkei 225 index was down 0.46% at 20,438.78 after ending its longest winning streak since 1988 on Tuesday, reports BBC.
A €300m ($334m; £216m) payment from Greece to the IMF is due on Friday.
But there are fears Greece does not have the necessary funds to pay and could default on the debt.
A default would ultimately lead to the country’s exit from the eurozone.
In Australia, the benchmark S&P/ASX 200 index was down 0.32% at 5,617.80 points in early trade after marking its biggest fall for four weeks on Tuesday.
Australia releases its latest economic growth figures later.
The numbers are expected to show that growth is now at its slowest pace in two years, with expectations for quarterly expansion of 0.5%-to-0.7% compared to the same period last year.
Australia has been facing a fall in its commodity prices and weaker wages.
The country’s central bank lowered interest rates to a record low of 2% last month to help boost the economy, but as a result, property prices are soaring, especially in Sydney.
In South Korea, the benchmark Kospi index was down 0.08% at 2,077.05 points after closing down more than 1% a day earlier.
In China, a raft of initial share offerings this week is expected to draw liquidity from the mainland’s markets.
Eleven companies started taking initial public offering (IPO) subscriptions on Tuesday, and another 12 firms are expected to begin on Wednesday.
According to local reports, the IPOs are expected to lock up 8.3tn yuan ($1.34tn; £873bn) of cash.