Nikkei falls after S&P cut

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Yen, Nikkei ease on Japan downgrade

Thu, Jan 27 2011

TOKYO | Fri Jan 28, 2011 1:13am EST

TOKYO (Reuters) - The Nikkei average fell after a cut to Japan's sovereign debt rating, with some analysts saying the downgrade may become a turning point for foreigners who have led a rally in the benchmark since November.

Standard & Poor's downgrade of a notch triggered a sell-off in financial shares on concerns they might be exposed to higher procurement costs.

The benchmark Nikkei .N225 ended the day down 1.1 percent at 10,360.34.

The broader Topix .TOPX fell 1.1 percent to 919.69.

(Reporting by Antoni Slodkowski; Editing by Joseph Radford)
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