Asian stock markets declined Wednesday after struggling to hold their early gains, with investor tolerance for risk assets evaporating after Moody's downgrade of Japan's credit ratings brought back worries related to sovereign debt and the global economic outlook.
Financial stocks lost ground in Tokyo, while the Hong Kong market was pulled lower as China Life Insurance fell sharply after reporting downbeat earnings. The performance in Tokyo came as Moody's cut the nation's debt ratings by one notch to AA3 from AA2 with a stable outlook, citing wide budget deficits and burgeoning debt since 2009. Read More
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