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| Fears over Greece send Asian shares lower | Fears over Greece send Asian shares lower |
| (35 minutes later) | |
| Shares in Asia opened lower on Monday in the first market reaction to Greece's decision to close its banks and impose capital controls limiting the amount of money which can be withdrawn. | Shares in Asia opened lower on Monday in the first market reaction to Greece's decision to close its banks and impose capital controls limiting the amount of money which can be withdrawn. |
| The Nikkei 225 index was down 1.93% at 20,305.97 points in early trade. | The Nikkei 225 index was down 1.93% at 20,305.97 points in early trade. |
| In Australia, the benchmark S&P/ASX 200 was down 1.97% at 5,436.5. | In Australia, the benchmark S&P/ASX 200 was down 1.97% at 5,436.5. |
| Greece is due to make a 1.6bn ($1.75bn; £1.1bn) payment to the International Monetary Fund (IMF) on Tuesday. | |
| But the country's current bailout expires on the same day and the European Central Bank (ECB) has said that it will not increase emergency funding. | But the country's current bailout expires on the same day and the European Central Bank (ECB) has said that it will not increase emergency funding. |
| Economist Daniel Martin from Capital Economics told the BBC the current situation was "the closest Greece had come to exiting the eurozone" and that it would likely be a bad week for Asian markets. | Economist Daniel Martin from Capital Economics told the BBC the current situation was "the closest Greece had come to exiting the eurozone" and that it would likely be a bad week for Asian markets. |
| Greek banks are expected to stay shut until 7 July, two days after Greece's planned referendum on the terms it had been offered by international creditors for receiving fresh bailout money. | Greek banks are expected to stay shut until 7 July, two days after Greece's planned referendum on the terms it had been offered by international creditors for receiving fresh bailout money. |
| The Athens stock exchange will also be closed on Monday. | The Athens stock exchange will also be closed on Monday. |
| Japan numbers | Japan numbers |
| Shares in Japan were down despite official numbers showing retail sales grew 1.7% in May from a month earlier - the fastest rate of growth since September last year. | Shares in Japan were down despite official numbers showing retail sales grew 1.7% in May from a month earlier - the fastest rate of growth since September last year. |
| Other official data showed industrial production in Japan missed forecasts though, falling 4% in May from a year earlier. | Other official data showed industrial production in Japan missed forecasts though, falling 4% in May from a year earlier. |
| "The plunge in industrial production in May points to a contraction in GDP (gross domestic product) this quarter," economist Marcel Thieliant from Capital Economics said in a note. | "The plunge in industrial production in May points to a contraction in GDP (gross domestic product) this quarter," economist Marcel Thieliant from Capital Economics said in a note. |
| "[This] corroborates our view that the Bank of Japan will have to step up the pace of easing before too long," he added. | "[This] corroborates our view that the Bank of Japan will have to step up the pace of easing before too long," he added. |
| Meanwhile, South Korean shares were down too with the benchmark Kospi down 1.26% at 2,063.86 after ending four consecutive weeks of losses last week. | Meanwhile, South Korean shares were down too with the benchmark Kospi down 1.26% at 2,063.86 after ending four consecutive weeks of losses last week. |
| In China | In China |
| On Saturday, China's central bank cut its one-year lending rate by 25 basis points to 4.85%. It is the bank's fourth cut since November. It also lowered the amount of cash that some banks must hold as reserves by 50 basis points. | On Saturday, China's central bank cut its one-year lending rate by 25 basis points to 4.85%. It is the bank's fourth cut since November. It also lowered the amount of cash that some banks must hold as reserves by 50 basis points. |
| Analysts said the moves highlight Beijing's concerns that money isn't flowing to some of the most-needed sectors in the economy. Others said the bank had reacted to Friday's share plunge. | Analysts said the moves highlight Beijing's concerns that money isn't flowing to some of the most-needed sectors in the economy. Others said the bank had reacted to Friday's share plunge. |
| The Shanghai Composite closed down 7.4% at 4,192.87 points on Friday, while in In Hong Kong, the Hang Seng index closed down 1.8% at 26,663.87. | The Shanghai Composite closed down 7.4% at 4,192.87 points on Friday, while in In Hong Kong, the Hang Seng index closed down 1.8% at 26,663.87. |