The Asian markets after a sluggish start have slowly started moving up, though the trade remains cautious after Moody’s downgraded Japan's debt rating by one notch to A1 from Aa3. The Asian markets have made mostly a negative start, weighed down by rating cut of Japan on uncertainty over whether Japan will achieve its deficit-reduction goals and succeed in boosting growth. Although, the Japanese market was trading higher as the yen declined after the initial spike. The stocks in the region have also gained some support with the oil resuming its decline after jumping from a five-year low. International Monetary Fund Managing Director Christine Lagarde has said that the drop in oil prices will provide a net boost to the global economy while posing risks for energy-producing nations including Russia.
Asian markets have turned mostly in green after a sluggish start, Nikkei 225 increased 12.34 points or 0.07% to 17,602.44, Shanghai Composite was up by 18.99 points or 0.71% to 2,699.14, Jakarta Composite gained 27.01 points or 0.52% to 5,191.29, Straits Times was higher by 27.44 points or 0.83% to 3,333.08, Hang Seng gained 81.79 points or 0.35% to 23,449.24. On the other hand, Taiwan Weighted was down by 81.58 points or 0.89% to 9,036.13, FTSE Bursa Malaysia KLCI lost 9.94 points or 0.56% to 1,768.33 and KOSPI Index decreased by 3.66 points or 0.19% to 1,961.56.