Stocks took a tumble Monday on Asian markets following rejection by Greek voters of demands from international creditors. The effects of the vote, which could push Greece closer to an exit from the eurozone, was felt on Asian markets.

Reuters reported various Asian markets dipped just hours after the results for the Greek referendum were announced. Japan's Nikkei 225 share index fell 1.58 percent while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent. The Japanese government said it will continue to watch market performance and respond accordingly.

South Korea’s Kospi was also down by 0.9 percent Monday morning as the Asian markets opened to an uncertainty brought on by Greece’s austerity referendum vote.

But this does not necessarily signal panic in Asian markets. The Financial Times reported the moves are still relatively minor. For most in Asia, China’s volatile market will likely have a more profound effect. FT reported China’s markets have lost roughly $3 trillion since June 12, and are now looking up because of government intervention.

On Monday, the actions sent some stocks higher, making up for steep drops last week. The CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen jumped 4.2 percent in early trading while the Shanghai Composite Index .SSEC soared 5 percent. Last week, the already volatile Shanghai Composite fell 3.5 percent.

China’s stock volatility is not a direct reaction to the Greek crisis but does have global implications. The early boost seen in Monday’s market open is the result of a series of government orchestrated halts to new share issues. The Guardian said China’s state-backed margin finance company vowed to buy massive amounts of stocks as part of a plan to push stock market bailout provisions. The government demanded a halt to initial public offerings, and several firms released statements confirming they would scrap plans for IPOs, to take pressure off the market.

A separate report by Reuters said that China’s major brokers and fund managers are pledging a collective $19 billion for stocks as part of the bailout plan.