SINGAPORE: Asian shares fell on Wednesday as a rally fuelled by speculation that the Federal Reserve may signal further moves to support the struggling U.S. economy swiftly petered out, while gold rebounded from its sharpest one-day slide in 18 months.
Tokyo markets showed a muted reaction to a downgrade of Japanese government debt by ratings agency Moody's, with the yen a touch softer and Japanese government bond futures dipping briefly.
"It's been a while since Japan lost its triple-A status, so it is unlikely that Japan's interest rates will rise sharply," said Fumiyuki Takahashi, managing director at Barclays Capital.
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