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Tokyo stocks down 0.62%, Nikkei sheds 109.04pts as Moody’s downgrades Japan’s rating

Tokyo stocks down 0.62%, Nikkei sheds 109.04pts as Moody’s downgrades Japan’s rating

TOKYO: Tokyo stocks started negative on Tuesday shedding 0.62 per cent on early profit-taking following a decline in US bourses and a stronger yen.

Moody’s Investors Service downgraded Japan’s sovereign debt rating by one notch to A1 from Aa3 on Monday, but its impact on Japanese stocks appears limited, brokers said.

The Nikkei 225 index at the Tokyo Stock Exchange was down 109.04 points, to 17,481.06 at the start.

“Stocks remain slightly overbought and sensitive to the dollar, so the Nikkei is likely in for a sluggish start,” says Shunichi Otsuka, general manager of research and strategy at Ichiyoshi Asset Management.