Japanese
stocks fell, with the Topix index retreating from a six-year high, as
the yen strengthened after Moodys Investors Service cut the countrys
credit rating in the first downgrade of Prime Minister Shinzo Abes
regime.
The
Topix lost 0.5 percent to 1,414.76 as of 9:05 a.m. in Tokyo. All but
five of the 33 industry groups slid. The Nikkei 225 Stock Average
declined 0.6 percent to 17,488.50. The yen dropped to 119.14 per dollar
right after Moodys announcement yesterday before reversing course and
gaining 0.2 percent. It added 0.1 percent to 118.28 today after last
month weakening the most since January 2013. West Texas Intermediate
crude futures posted the biggest advance in two years yesterday after
tumbling 10 percent on Nov. 28.
Moodys
cut the rating one level to A1 after Abe decided to delay a sales-tax
increase by 18 months as an initial estimate of gross domestic product
showed the economy contracted in the September quarter, sending the
country back into recession.
Source: Bloomberg
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