The Nikkei 225 index at the Tokyo Stock Exchange on Tuesday opened down 26.41 points at 9,458.68 after European stock markets rose on Monday on hopes that a new Greek bailout package will finally be approved.
US markets were closed on Monday for a holiday.
"If the talks collapse, the euro will be sold massively," leading to falls in the stock markets, said Hideyuki Ishiguro, supervisor at investment strategy at Okasan Securities.
"If talks progress as expected, the effects on the stock market will likely be almost neutral," he told Dow Jones Newswires.
The euro eased to $US1.3214 and ¥105.22 in early Asian trade on Tuesday from $US1.3237 and ¥105.36 in London late on Monday amid jitters over the outcome of the eurozone meeting in Brussels.
The dollar was unchanged at ¥79.59.
Eurozone chiefs fought on Monday to close a deal for a new Athens bailout as Greek Prime Minister Lucas Papademos sought improved terms on a key write-down of Greece's debt in a last-minute meeting with banks.
After months of acrimonious debate, all sides expressed confidence that an agreement would be found to greenlight a €230 billion ($A284.42 billion) financial lifeline, in exchange for strict surveillance of the Athens government over coming years.
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