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Nikkei down after S&P announcement

6th December 2011

One of Asia's premier indices the Nikkei has shown a significant downturn following Standard & Poor's (S&P) announcement of the possibility of downgrading many of Europe's largest economies.

The Japanese index diminished by more than one per cent at the end of market trading yesterday (December 5th) after a total of 15 eurozone countries were warned of possible action from the credit rating agency.

"Downgrades would be bad news not just for Europe, but clearly for the rest of the world as well," Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley, told Reuters.

As of the close of trading, the Nikkei was down by 1.4 per cent to 8,575.16, while the broader Topix index also saw a fall of 1.4 per cent to finish at 738.01.

Elsewhere, S&P's announcement has also played havoc with forex trading for the European single currency, with the euro losing 0.2 per cent of its value against the greenback this morning to stand at $1.3375.
 

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