Tokyo - Asian stocks were mixed on Tuesday as investors awaited
proposed Greek reforms that are critical to winning an extension on its
bailout, while US Federal Reserve chair Janet Yellen's Congressional
testimony was also in focus.
Tokyo's Nikkei index ticked up 0.13%, Sydney edged 0.08% higher, Seoul rose 0.51%, while Wellington fell 0.56%.
Hong Kong was down 0.51% in morning deals while Taipei jumped 1.05% in post-holiday trade.
Mainland Chinese markets are still closed for the lunar new year holiday.
"Most investors are waiting for statements from the US financial authorities and the submission of Greece's economic policies," Toshihiko Matsuno, chief strategist at SMBC Friend Securities, told Bloomberg News.
Greece was to hand in a delayed list of proposed reforms Tuesday morning after missing a Monday deadline set by its international lenders.
A Greek government source insisted late on Monday that the proposals would arrive in time for eurozone finance ministers to discuss them in a conference call on Tuesday afternoon.
However, a conditional deal that would give Athens a lifeline to pay its bills and avoid a disastrous default is contingent on it presenting reforms deemed satisfactory by the so-called troika of the European Commission, the European Central Bank and the International Monetary Fund.
Time is of the essence and the stakes are high, with Greece's current €240bn bailout programme due to expire on Saturday and several European parliaments still needing to approve any extension.
If Athens fails to win more time and the bailout expires, Prime Minister Alexis Tsipras's month-old government risks running out of money, triggering a likely run on banks and even possible ejection from the 19-country eurozone.
Hong Kong was down 0.51% in morning deals while Taipei jumped 1.05% in post-holiday trade.
Mainland Chinese markets are still closed for the lunar new year holiday.
"Most investors are waiting for statements from the US financial authorities and the submission of Greece's economic policies," Toshihiko Matsuno, chief strategist at SMBC Friend Securities, told Bloomberg News.
Greece was to hand in a delayed list of proposed reforms Tuesday morning after missing a Monday deadline set by its international lenders.
A Greek government source insisted late on Monday that the proposals would arrive in time for eurozone finance ministers to discuss them in a conference call on Tuesday afternoon.
However, a conditional deal that would give Athens a lifeline to pay its bills and avoid a disastrous default is contingent on it presenting reforms deemed satisfactory by the so-called troika of the European Commission, the European Central Bank and the International Monetary Fund.
Time is of the essence and the stakes are high, with Greece's current €240bn bailout programme due to expire on Saturday and several European parliaments still needing to approve any extension.
If Athens fails to win more time and the bailout expires, Prime Minister Alexis Tsipras's month-old government risks running out of money, triggering a likely run on banks and even possible ejection from the 19-country eurozone.
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