The yen fell against the euro and Asian stocks rose after proausterity New Democracy won the national elections in Greece on Sunday, but pundits warned that it is too early for Japan to breathe a sigh of relief.

The outcome "is a big step forward but does not completely clear out Greece's political risks," Finance Minister Jun Azumi, in Mexico to attend the Group of 20 summit, told reporters after the election. "We hope that Greece will continue its reform within the eurozone," he added.

Economists also said that Sunday's election was only the first step in resolving the sovereign debt crisis in Europe.