Asian stocks are bracing for a selloff on Monday after Greece voted 'No'

Asian stocks are bracing for a selloff on Monday after Greece voted 'No' to harsh bailout conditions.

In the partial results from a crucial referendum held on Sunday, 61 percent of voters rejected the terms of new financial aid which included demands for tax hikes and pension cuts in Greece. The result - more definitive than polls had predicted - will likely increase Greece's chances of exiting the euro zone.

"The unexpected 'No' vote in the Greek referendum will produce significant uncertainty over the next 48 hours. It will be very difficult for a new deal to be struck without significant concessions from the Greeks while [Greek Prime Minister Alexis] Tsipras' victory will make that unlikely," analysts from BNP Paribas wrote in a note, adding that the chance of a "Grexit" is now at 70 percent.

Amid increasing risks of the euro zone losing a member, the euro fell more than 1 percent to $1.0979 in early Asian trade, from around $1.1112 late on Friday. The Australian dollar lost 0.3 percent of its value against the U.S. dollar, hitting $0.7489 - its lowest level since May 2009. Meanwhile, the Japanese yen strengthened on the back of safe haven bids, trading at 122.33 versus the greenback in early trade.

Trading in stock futures indicates a lower open for Japan's Nikkei 225. Chicago and Osaka futures traded at 20,230 and 20,460, both below the benchmark index's previous close of 20,539. According to Reuters, the Japanese government and the Bank of Japan will meet shortly following the unexpected results in Greece.

Australian shares will likely extend Friday's losses after local futures slipped 0.1 percent to 5,480, 58-point discount to the underlying S&P ASX 200 index.