HONG KONG — The euro weakened Tuesday after the showdown debt talks between Greece and its creditors collapsed, raising the possibility the country will be excised from the eurozone.
However, many equity markets were unfazed by the trouble in Europe as trade begins to wind down in several Asian bourses before the Lunar New Year holiday at the end of the week.
Tokyo fell 0.1%, or 17.68 points, to 17,987.09 and Sydney lost 0.52%, or 30.5 points, to 5,858.2.
But Seoul gained 0.16%, or 3.22 points, to 1,961.45, while Shanghai gained 0.76%, or 24.55 points, to 3,246.91 and Hong Kong advanced 0.24%, or 58.35 points, to 24,784.88.
Manila closed 0.11%, or 8.75 points, higher at 7,793.40.
"Markets recognised the discussions were going to be difficult, so I don't think this changes people's expectations dramatically," Angus Gluskie, managing director at White Funds Management in Sydney, told Bloomberg News.
"But it is a key point of uncertainty for investment markets, so it's likely to mean that investors will continue to be cautious."
The closely watched meeting Monday broke down without agreement on Greece's debt after Athens refused eurozone finance ministers' demands that it apply for an extension to its bailout.
Eurogroup head Jeroen Dijsselbloem said the country had the rest of the week to make the request, with the 240 billion euro (US$270 billion) lifeline expiring at the end of the month.
But an Athens source dismissed the demand to stick to its current bailout as "absurd".
Greece's new left-led government swept to power last month on a platform of overhauling the terms of the austerity-laden financial aid package, which it says has crippled the economy.
Finance Minister Yanis Varoufakis is looking for a six-month bridging loan to give Greece time and financial help to negotiate a new deal.
However the 18 other eurozone nations, led by Germany, say any changes must be within the current programme.
The breakdown hit the euro, which sank to $1.1351 and 134.47 yen from $1.1390 and 134.53 yen in London.
It was also sharply down from the $1.1421 and 135.43 yen levels earlier Monday in Tokyo.
The dollar bought 118.52 yen against 118.47 yen.
US markets were closed Monday for a public holiday.