Japan shares down on Moody's downgrade of six eurozone nations

Feb 14, 2012, 2:59 GMT

Tokyo - Japanese stocks edged down Tuesday morning after Moody's Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal.

The benchmark Nikkei 225 Stock Average lost 13.39 points, or 0.15 per cent, to trade at 8,985.79 at the end of the morning session at 11:30 am (0230 GMT).

The broader Topix index was down 2.06 points, or 0.26 per cent, at 779.62.

Moody's also changed its outlook on Britain and France's top AAA ratings to 'negative.'

A strong yen weighed on market sentiment. The Japanese currency rose, hovering around the lower 102-yen range to the euro.

A stronger yen makes Japanese goods more expensive overseas and hurts repatriated revenues.

On currency markets at 11:30 am, the dollar traded at 77.61-66 yen, down from Monday's 5 pm quote of 77.69-70 yen.

The euro was quoted at 102.15-18 yen, down from 102.96-103.00 yen late Monday, and at 1.3160-3162 dollars, down from 1.3253-3255 dollars.