Alexa

Asian stocks down after S&P downgrades Japan

Asian stocks down after S&P downgrades Japan

Asian stock markets were lower in early trading Friday, with Japan's Nikkei index falling after a leading credit ratings agency downgraded the country's long-term sovereign debt rating.
Meanwhile, investors traded with caution ahead of Friday's release of U.S. growth data in the October-December quarter.
Japan's benchmark Nikkei 225 stock average lost 18.45 points, or 0.2 percent, to 10,460.21. Australia's S&P/ASX 200 was down 0.3 percent at 4,893.50. South Korea's Kospi declined 0.2 percent to 2,111.77.
Standard & Poor's slashed Japan's credit rating for the first time in almost nine years Thursday, issuing a harsh critique of the government's ability to control its ballooning debt.
The agency lowered Japan's long-term sovereign debt rating one notch to AA-, which is the fourth highest level and the same rating given to China, Saudi Arabia and Kuwait. The news sent the dollar as high as 83.18 yen late Thursday from 82.20 yen.
On Wall Street Thursday, the Dow Jones industrial average inched up just 4.39 points to close at 11,989.83. The Dow traded above 12,000 for most of the day but failed to close above that level for the second day in a row. The Dow hasn't closed above 12,000 since June 19, 2008, just as the financial crisis was worsening.
In currencies, the dollar fell to 82.75 yen in Tokyo Friday from 82.88 yen in New York late Thursday. The euro was flat at $1.3732.


Updated : 2021-04-14 10:56 GMT+08:00